Sammy Dexter Legaspi, of Irvine, California, a stockbroker formerly registered with Accelerated Capital Group, has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he caused customers’ signed but otherwise blank forms to be utilized in order to effect securities transactions in their accounts. Letter of Acceptance, Waiver and Consent, No. 2015046406801 (Sept. 20, 2017).
According to the AWC, documents enabling trades to be effected in customer accounts were either photocopied by Legaspi and used repeatedly, or they were furnished by customers with nothing more than their signatures on the documents. As a result, the firm’s records and books did not accurately reflect customers’ transactions. FINRA found Legaspi’s misconduct in this regard to be violative of FINRA Rules 2010 and 4511.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Legaspi has been identified in two customer initiated investment related disputes containing allegations of his misconduct while employed with Prudential Securities and Capstone Investments. Particularly, on March 1, 2000, a customer filed an investment related written complaint involving Legaspi’s conduct, based upon allegations that the customer’s monies were not used to purchase Motorola common stock pursuant to the customer’s expectations, which caused the customer to miss out on investment gains.
Subsequently, on July 29, 2005, a customer initiated investment related written complaint involving Legaspi’s conduct was settled for $145,000.00 in damages based upon allegations that he stole $45,000.00 from the customer after entering into an unauthorized lending arrangement.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
