Dennis Allen Webb, of New Palestine, Indiana, a stockbroker registered with Cantella & Co., Inc., has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities. Letter of Acceptance, Waiver and Consent, No. 2016048816701 (Oct. 21, 2016)
According to the AWC, Webb opened a customer’s account at another firm not affiliated with Cantella & Co., Inc., where he placed several trades in the customer’s account involving an estimated $68,000.00 worth of funds. Webb reportedly failed to retrieve the firm’s authorization for opening and trading accounts held away from the firm. FINRA found Webb’s conduct to be violative of NASD Rule 3040 and FINRA Rule 2010 as a result.
FINRA Public Disclosure confirms that Webb has been identified in three customer initiated investment related disputes containing allegations of his misconduct while employed with Cantella & Co, Inc., Robert W. Baird & Co. Incorporated, and MML Investor Services. Particularly, on February 26, 2012, a customer filed an investment related written complaint involving Webb’s conduct, in which the customer requested $330,556.25 in damages based upon allegations that Webb effected unsuitable corporate debt transactions in the customer’s account.
Subsequently, on February 26, 2016, a customer initiated investment related arbitration claim regarding Webb’s activities was resolved for $20,000.00 in damages based upon allegations that Webb effected mutual fund transactions in the customer’s account that were not suitable for the customer. He has also been subject of a customer initiated investment related arbitration claim, which settled on May 15, 2017, for $235,000.00 in damages based upon allegations that he effected unsuitable, excessive and unauthorized equity transactions in the customer’s account.
Webb was fired by Cantella & Co., Inc. on January 28, 2016, based upon the firm’s discovery of Webb’s wrongdoing.
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
