Gerald Thomas Coyne (also known as JT Coyne) of Harrisburg Pennsylvania a stockbroker formerly employed by CUSO Financial Services L.P. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Coyne obstructed a FINRA investigation into accusations of (1) his misconduct pertaining to customer accounts and (2) his violations of the securities broker dealer’s policies. Letter of Acceptance Waiver and Consent No. 2019061332701 (Dec. 10, 2019).
According to the AWC, a FINRA investigation into Coyne was initiated following the regulator’s receipt of information from CUSO which indicated that Coyne was terminated based upon allegations of Coyne’s failure to comply with CUSO’s policies and for the stockbroker’s misconduct that purportedly disadvantaged the firm’s customers. FINRA specifically sought to determine if Coyne gave customers bad investment advice or made false or misleading statements and non-disclosures that concerned the purchases of variable annuity products made with customers’ retirement account funds.
On November 7, 2019, a request had been made by FINRA for Coyne’s recorded testimony to be provided in order for the stockbroker to be compliant with FINRA Rule 8210. FINRA was contacted by Coyne on November 12, 2019 and made aware that he would not be testifying at any point in FINRA’s investigation. FINRA concluded that Coyne’s refusal to testify constituted violations of FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally confirms that a customer initiated investment related arbitration claim regarding Coyne’s conduct was settled for $164,000.00 in damages founded on accusations that between 2013 and 2017: improper statements had been made by the stockbroker in regard to the features, drawbacks or prospective annual returns of a recommended variable annuity, which induced the customer’s purchase. FINRA Arbitration No. 19-00585 (Sept. 9, 2019).
Coyne was registered with CUSO Financial Services L.P. between January 13, 2011 and September 21, 2018.
