Investigation into a stockbroker

David John Volpe of Scottsdale Arizona a stockbroker registered with First Financial Equity Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Volpe neglected to cooperate with FINRA personnel when he was being investigated for selling away or otherwise borrowing funds from customers while associated with First Financial Equity Corporation. Letter of Acceptance Waiver and Consent No. 2019062404601 (Aug. 2, 2019).

According to the AWC, an investigation had been launched by FINRA following receipt of First Financial Equity Corporation’s notice of Volpe’s termination from the securities broker dealer. Volpe was discharged by First Financial Equity Corporation based upon accusations of him possibly borrowing customer funds or engaging in private securities transactions without informing the firm or procuring the firm’s permission.

The AWC stated that Volpe had been sent a request from FINRA on May 17, 2019 calling upon Volpe to provide documentation and information to the regulator in reference to these allegations. On June 24, 2019, FINRA received correspondence indicating that Volpe would not be cooperating with its request. Volpe’s refusal to cooperate was confirmed through his subsequent telephone conversations with the regulator. The AWC indicated that FINRA never received the documentation and information requested from Volpe. FINRA determined Volpe’s conduct had been violative of FINRA Rules 2010 and 8210.

Although this is the first time Volpe has been sanctioned by a securities regulator, it is the second time he has been suspended from a securities broker dealer. Volpe was employed by LPL Financial LLC between November 29, 2017 and December 27, 2018 at which point he had been terminated from the firm for engaging in capital-raising efforts outside LPL Financial’s auspices and without informing the firm in violation of its policies on private securities transactions.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

Questions or comments regarding the source or accuracy of any information, including any subsequent developments, should be directed to:  [email protected]

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer.

Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely 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 confidential 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

Stockbroker Fraud. Securities Arbitration and Investment Fraud Lawyers.  
National Practice. Contingent Fee. Confidential Free Consultation.

 (877) SEC-ATTY

1700 Market Street, Suite 1005
Philadelphia, PA 19103
Direct: (215) 413-8223
Toll Free: (877) 732-2889

1260 South Soto Street, Suite 7
Los Angeles, California 90023
Direct: (213) 255-3475
Toll Free: (877) 732-2889

2750 NE 185th Street, Suite 302
Aventura, Florida 33180-2877
Direct: (786) 490-2413
Toll Free: (877) 732-2889

See Important Disclaimer

Tags:

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website