Ellen Vratoric of Glassport Pennsylvania a stockbroker formerly employed by The Huntington Investment Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Default Decision containing findings that Vratoric failed to testify in a FINRA investigation into accusations of her violative conduct as referenced within customer complaints. Letter of Acceptance Waiver and Consent No. 2016049420501 (June 1, 2018).
According to the Decision, on March 29, 2016, The Huntington Investment Company notified FINRA that Vratoric had been terminated by the firm founded on allegations that Vratoric became subject of multiple customer complaints and violated the firm’s documentation policy. Apparently, the firm notified FINRA in April of 2016 that Vratoric altered variable annuity documentation for a customer’s variable annuity purchase.
A couple months later, The Huntington Investment Company informed FINRA about a customer who complained about a variable annuity purchase, where the customer alleged that Vratoric effected the transaction without the customer’s authorization. That customer alleged that Vratoric failed to inform the customer about the risks pertaining to the customer’s principal by investing in the variable annuity. Vratoric’s fixed and variable annuity sales were evidently the subject of multiple customers’ complaints.
The Decision stated that between April 22, 2016 and October 24, 2016, staff at FINRA sent Vratoric requests for Vratoric’s information and documentation relating to the allegations referenced by The Huntington Investment Company. Once Vratoric provided FINRA with limited responses, FINRA sought Vratoric’s recorded testimony, wherein Vratoric was asked to make an appearance by October 19, 2017. Apparently; however, Vratoric confirmed with FINRA by October 16, 2017 that she had no plans to make an appearance on October 19, 2017 or otherwise cooperate with FINRA’s testimony request. The Decision stated that Vratoric never showed up on October 19, 2017. FINRA made another attempt at procuring Vratoric’s testimony on November 9, 2017, but to no avail.
The Decision stated that FINRA filed a Complaint against Vratoric on December 22, 2017, alleging that Vratoric violated FINRA Rules 2010 and 8210 by failing to provide FINRA with recorded testimony in reference to the accusations of her misconduct. Vratoric was notified about a pre-hearing conference scheduled for February 8, 2018; however, she evidently never showed up. Subsequently, FINRA’s Hearing Officer scheduled another pre-hearing conference for February 15, 2018, but Vratoric again failed to make an appearance. FINRA’s Hearing Officer concluded that Vratoric was in default; and found that she violated FINRA Rules 2010 and 8210, resulting in Vratoric having been barred by FINRA in all capacities.
FINRA Public Disclosure additionally confirms that on June 13, 2016, a customer initiated investment related complaint regarding Vratoric’s conduct was settled for $23,590.83 in damages supported by allegations of an unauthorized variable annuity purchase and omissions relating to the purchase. Apparently, Vratoric failed to inform the customer about the penalties assessed on liquidating certificates of deposits to purchase the annuity, and neglected to disclose information to the customer about principal risk.
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