Terri Lynn Anderson, a registered representative with Cetera Financial Specialists, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Anderson had failed to provide information and documentation in connection with an investigation into allegations that Anderson played a part in misusing customer funds. Letter of Acceptance, Waiver, and Consent No. 20158448867 (Mar. 13, 2015).
According to the AWC, on February 5, 2015, while FNRA was investigating Anderson’s role in the misuse of customer funds by another registered representatives, FINRA requested that Anderson provide information and documentation pursuant to Rule 8210.
The AWC noted that Anderson’s attorney responded to FINRA’s staff on February 10, 2015, where Anderson had acknowledged that while she received FINRA’s requests, she would not be cooperating with the investigation by providing the requested information and documentation at any point. FINRA found Anderson’s conduct in this regard to have violated FINRA Rule 8210 and 2010, leading to her permanent bar.
FINRA registered representatives like Anderson who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.
