Gene Charles Valentine, of Wellsburg, West Virginia, the chief executive officer of Financial West Group, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he associated with an individual who was disqualified in the securities industry. Letter of Acceptance, Waiver and Consent, No. 2014042263601 (Aug. 17, 2016).
According to the AWC, RM was hired by Financial West in May of 2013 to perform due diligence activities relating to alternative investments. However, by this time, Valentine had been expelled by FINRA for having been convicted of a felony. Evidently, the firm knew of this information because it served the basis of his previous termination from the company in November of 2010. Apparently, Valentine engaged in due diligence activities with the firm through June of 2014. FINRA found that Valentine’s conduct was violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that on May 3, 2017, a customer filed an investment related civil action involving Valentine’s conduct, in which the customer requested $1,000,000.00 in damages founded on accusations of securities fraud in regard to the customers’ limited partnership interests in Payson Petroleum. Civil Action No. DC-17-02213 (May 3, 2017).
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