Adam K. Veron, a broker formerly employed at Questar Capital Corporation in Lake Charles, LA, has agreed to be barred from the securities industry.
In mid 2015, Veron formed Contract Funding & Corporate Management LLC (“CFCM”), naming himself as president. From July 2015 until December 2016 he then sold approximately $1.8 million of shares of the company to nine Questar customers and $50,000 of shares to one non-customer.
Although required to submit written notification to Questar and receive approval for the venture prior to starting the company, he failed to do so. Moreover, he also did not reveal the existence of CFCM in annual compliance questionnaires he was required to complete.
Veron agreed in a letter of acceptance, waiver and consent (“AWC”) dated August 22nd to be barred from the industry.
Veron worked at Questar from September 2013 to February 2017. He formerly worked at LPL Financial in Lake Charles from September 2009 to September 2013.
These sales to the nine customers were “away” from the firm. Nevertheless, it is the responsibility of the firm to supervise the activity of its brokers to prevent or minimize harm to the firm’s customers. Experienced securities arbitration attorneys can examine the facts and circumstances in selling away cases to determine if the supervision of the brokerage firm was deficient.
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