Jeffrey Alan Hill of Bemidji Minnesota is a stockbroker formerly registered with Dougherty and Company LLC whose securities registration has been revoked on March 17 2017 by Financial Industry Regulatory Authority (FINRA) based upon allegations that he failed to pay fifty thousand dollars in fines and disgorgement.
Particularly, Hill was disgorged of $45,000.00, fined $5,000.00 and suspended for a fifteen month period from associating with any FINRA member in any capacity based upon consenting to findings that he effected transactions in customer accounts that were neither authorized nor suitable for customers. Letter of Acceptance Waiver and Consent No. 2015047008703 (Nov. 28 2016).
According to the AWC, between January of 2010 and June of 2014, hundreds of unauthorized trades had been executed by Hill in accounts owned by two of Dougherty & Company’s senior customers. Hill reportedly failed to contact investors fifty percent of the time that transactions had been executed by him in their accounts. Additionally, the AWC stated that Hill recommended an investment strategy involving the trading of municipal and corporate bonds on a short term basis and effected several dozen transactions which were not suitable for customers. FINRA concluded that Hill’s conduct was violative of Municipal Securities Rulemaking Board (MSRB) Rules G-17 and G-19, FINRA Rules 2111 and 2010, and National Association of Securities Dealers (NASD) Rule 2510(b) and 2310.
FINRA Public Disclosure confirms that Hill has been identified in eight customer initiated investment related disputes containing accusations of Hill’s violative conduct while registered with Wells Fargo Advisors, Dougherty & Company LLC and Miller & Schroeder Financial, Inc. In particular, a customer initiated investment related arbitration claim involving Hill’s conduct was settled for $1,000,000.00 in damages based upon allegations of breach of fiduciary duty, suitability, unauthorized trading and churning of the customer’s corporate debt portfolio. FINRA Arbitration No. 15-02090 (Jan. 14, 2016). On May 15, 2017, a customer initiated investment related complaint involving Hill’s conduct was settled for $23,839.00 in damages supported by accusations that investment transactions executed in the customer’s account failed to conform with the customer’s objectives for investing.
Hill’s registration with Dougherty & Company LLC was terminated on June 19, 2014. Hill later became associated with Wells Fargo Advisors between June 12, 2014 and December 12, 2016, at which point he was fired for suitability and unauthorized trading.
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