Robert Emmitt Gill, of Tinton Falls, New Jersey, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in an unauthorized borrowing arrangement with a firm customer. Letter of Acceptance, Waiver and Consent, No. 2013038782001 (Sept. 3, 2015).
According to the AWC, customer L.P. lent Gill $100,000.00 in funds on March 8, 2010, during the time that Gill was registered with J.P. Turner & Company, L.L.C. The AWC stated that the firm did not authorize individuals such as Gill to enter into such loan arrangements, and Gill never notified his firm concerning such. FINRA found that Gill’s conduct was violative of FINRA Rules 2010, 3240(a), and NASD Rule 2370(a).
FINRA Public Disclosure reveals that Gill has been subject to eight customer arbitrations. Particularly, on November 28, 2000, a customer filed an investment related arbitration claim involving Gill’s actions, in which the customer requested $130,000.00 in damages based upon allegations that Gill was responsible for the customer’s substandard investment performance. On September 9, 2002, a customer initiated investment related arbitration claim involving Gill’s conduct was settled for $40,000.00 in damages based upon allegations that Gill made misrepresentations to the customer concerning investments.
Subsequently, on May 13, 2003, an investment related arbitration action regarding Gill’s conduct was filed by a customer, in which the customer requested $40,000.00 in damages based upon allegations that Gill abused the customer’s margin account, failed to execute trades based upon the customer’s instructions, and effected trades that were not authorized by the customer.
On April 26, 2005, another customer initiated investment related arbitration claim involving Gill’s actions was resolved for $35,610.00 in damages based upon allegations that Gill did not abide by the customer’s instructions, charged the customer with excessive commissions, and effected trades which were neither authorized nor suitable for the customer.
On August 13, 2013, a customer initiated investment related arbitration action involving Gill’s conduct was settled for $14,999.00 in damages based upon allegations that Gill made misrepresentations to the customer concerning investments and mismanaged the customer’s account. Additionally, on October 16, 2013, another customer initiated investment related arbitration claim concerning Gill’s activities was settled for $700,000.00 in damages based upon allegations that Gill breached his fiduciary duty to the customer, made misrepresentations concerning investments, churned the customer’s account, and effected transactions that were unsuitable for the customer.
Since 1996, Gill has been associated with four different broker dealers, three of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. Following Gill’s termination from J.P. Turner & Company, L.L.C. in October of 2013, he became registered as a stockbroker with Chelsea Financial Services. #cockroach
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