Francine Ann Lanaia (also known as Fran McPherson) a stockbroker formerly employed by Windsor Street Capital LP has been barred from associating with any Financial industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Lanaia failed to provide FINRA with information that had been requested from her. Case No. 2017052475701 (Oct. 29, 2018).
According to FINRA Public Disclosure, Lanaia had initially been issued a Notice of Suspension dated July 24, 2018 and then issued a Suspension from Association letter dated August 17, 2018. Evidently, at that time FINRA warned Lanaia that her failure to request the termination of her suspension by October 28, 2018 would result in FINRA barring Lanaia in all capacities. Evidently, Lanaia failed to timely respond.
Lanaia is also subject of a regulatory action brought by the Office of the Montana State Auditor Securities Department in which the regulator sought sanctions against Lanaia supported by allegations that Lanaia neglected to supervise two brokers, Joseph Connelly and William Gennity, who poorly advised customers; effected transactions without authorization; executed trades without regard to the customer’s instructions; and assessed excessive fees. Case No. SEC-2016-106 (Aug. 2, 2016).
Moreover, Lanaia has previously been censured and fined $10,500.00 by National Association of Securities Dealers (NASD) founded on accusations that while Lanaia was associated with Glenn Michael Financial Inc., Lanaia failed to inform the NASD about customers who brought investment related complaints; conduct violative of NASD Rules 3070, 2110 and 1120. Letter of Acceptance waiver and Consent No. C3A000039 (Oct. 16, 2000).
FINRA Public Disclosure confirms that Lanaia is referenced in two customer initiated investment related disputes pertaining to allegations of her violative conduct during the time that she was associated with firms including Trident Partners LTD. Particularly, a customer initiated investment related arbitration claim concerning Lanaia’s conduct was resolved for $205,000.00 in damages supported by accusations of Lanaia’s failure to supervise a Trident Partners registered representative who effected inappropriate over-the-counter equities transactions in a customer’s account. FINRA Arbitration No. 07-00369 (Dec. 14, 2007).
Then, on January 31, 2008, a customer filed an investment related complaint involving Lanaia’s activities where the customer requested $50,000.00 in damages based upon allegations that unauthorized equity trades were placed in the customer’s investment account. Further, a customer filed an investment related arbitration claim involving Lanaia’s conduct in which the customer sought $857,287.00 in damages supported by accusations of unsuitability and fraud in regard to the customer’s equity transactions. FINRA Arbitration No. 13-03605 (Apr. 10, 2015).
Lanaia’s registration with Windsor Street Capital LP has been terminated as of November 15, 2017. FINRA expelled Windsor Street Capital on May 29, 2018. In fact, every firm with which she has been associated has been closed by regulators or is defunct.
