Jeffrey Ward Delone, of Malvern, Pennsylvania, a stockbroker formerly registered with FSC Securities Corporation, has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from his firm. Letter of Acceptance, Waiver and Consent, No. 2016049564501 (Aug. 10, 2017).
According to the AWC, between June of 2010 and September of 2013, Delone effected securities transactions outside of his firm’s auspices. Evidently, Delone was a partial owner in a franchise learning center, where he made recommendations to customers and helped six investors contribute a total of $310,000.0 for a stake in the franchise. The AWC stated that three of the investors had accounts with FSC.
Delone reportedly neglected to inform FSC Securities Corporation about his private securities transactions, and never received approval from this firm. Consequently, FINRA found that Delone’s conduct was violative of FINRA Rule 2010 and NASD Rule 3040.
FINRA Public Disclosure reveals that Delone has been identified in an investment related civil action, wherein a claim of restitution was sought by the plaintiff based upon allegations that Delone failed to repay a loan pursuant to the terms of an agreement.
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