Jeffrey David Snyder of Danbury Connecticut is a stockbroker formerly registered with Network 1 Financial Securities Inc. who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into accusations of Snyder settling a customer dispute away from Network 1 Financial Securities Inc. Letter of Acceptance Waiver and Consent No. 2015045289901 (Oct. 13 2015).
According to the AWC, Snyder was sent a letter by FINRA on July 16, 2015, requesting that Snyder provide recorded testimony before FINRA personnel in regard to allegations that Snyder was subject of a customer dispute that he attempted to settle without having notified his firm and obtaining the firm’s authorization. Apparently, Snyder made an appearance to testify; however, he neglected to provide FINRA with a response to questions pertaining to accusations of his misconduct. FINRA found Snyder’s failure to be cooperative in the investigation as violative of FINRA Rules 2010 and 8210.
Snyder was subsequently sanctioned by FINRA on April 11, 2016 based upon his failure to report to FINRA whether he complied with FINRA Arbitration No. 15-00718 (Oct. 8, 2015), in which he was ordered to pay compensatory damages of $49,700.50 for breaching his contractual duties.
FINRA Public Disclosure reveals that Snyder is referenced in six customer initiated investment related disputes pertaining to allegations of his misconduct while employed with Rockwell Global Capital, LLC, Spartan Capital Securities, LLC and New Castle Financial Services LLC. Particularly, on December 13, 2007, a customer initiated investment related written complaint involving Snyder’s conduct was settled for $100,000.00 in damages founded on accusations that Snyder was liable for the customer’s poor performance of over-the-counter equities holdings.
Subsequently, a customer initiated investment related arbitration claim involving Snyder’s conduct was settled for $175,000.00 in damages based upon allegations that Snyder failed to execute upon the customer’s instructions; made misrepresentations and omissions to the customer; failed to diversify the customer’s assets; effected unit investment trust, mutual fund, equity and municipal debt investments transactions in the customer’s account; and churned the customer’s investment portfolio. FINRA Arbitration No. 09-04935 (June 17, 2010).
On September 13, 2013, another customer filed an investment related written complaint involving Snyder’s conduct, in which the customer sought $100,000.00 in damages supported by accusations that Snyder effected over-the-counter equities transactions in the customer’s account that the customer did not authorize. Snyder was then subject of a customer initiated investment related written complaint on February 20, 2014, in which the customer requested $339,993.92 in damages based upon accusations that he effected equity transactions in the customer’s account that were not suitable for the customer and traded the customer’s holdings in an overly aggressive manner.
Thereafter, a customer filed an investment related arbitration claim regarding Snyder’s activities in which the customer sought $250,000.00 in damages supported by allegations that unsuitable exchange traded fund recommendations had been made to the customer and the customer was told that principal would be guaranteed against loss. FINRA Arbitration No. 14-02607 (Aug. 14, 2014). Another customer initiated investment related arbitration claim regarding Snyder’s activities was resolved for $500,000.00 in damages founded on allegations including churning, fraud, breach of fiduciary duty, and negligence in the handling of the customer’s stock portfolio. FINRA Arbitration No. 13-02397 (Nov. 20, 2014).
Snyder’s registration with Network 1 Financial Securities Inc. was terminated on September 29, 2015. Since April 22, 2003, Snyder has been associated with six different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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