Larry Phillip Vogel of Pittsford New York a stockbroker formerly employed by IFS Securities, Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Vogel neglected to provide FINRA with information about his business activities possibly relating to allegations cited within Vogel’s discharge from IFS Securities, Inc.. Case No. 2015048174601 (Nov. 25, 2016).
According to FINRA Public Disclosure, Vogel was initially handed a suspension from FINRA for failing to cooperate with requests that the regulator made. Apparently, in order for Vogel’s suspension to be lifted, Vogel was required to request its termination no later than three months from the time that he was issued the Notice of Suspension. Apparently, Vogel failed to take action by the November 24, 2016 deadline, resulting in FINRA automatically barring Vogel in all capacities under Rule 9552(h) on November 25, 2016.
Just two days prior to FINRA suspending Vogel, on August 18, 2016, Vogel was discharged by IFS Securities, Inc. based upon FINRA discovering that Vogel was subject to being disqualified from the securities industry under Securities Exchange Act of 1934 Section 3(a)(39) by way of Vogel being sanctioned by New Yok Insurance Department.
Evidently, Vogel’s securities registration was revoked by New York State Insurance Department according to an Order based on findings that while Vogel was associated with Ausdal Financial Partners, Inc., Vogel engaged in unregistered securities transactions in the state, selling ten New York residents insurance policies without any authorization being provided from the state regulator. New York Insurance Department also claimed that Vogel violated the state’s Regulation 60 requirements. Case No. 2009-0039-C (Nov. 4, 2010).
FINRA Public Disclosure additionally confirms that on October 18, 2004, a customer filed an investment related complaint concerning Vogel’s activities where the customer requested unspecified damages supported by accusations that while Vogel was associated with Next Financial Group, the customer’s purchase of investment and insurance products, including mutual funds, a variable annuity and a long-term care policy, were not suitable for the customer’s objectives or financial situation; and excessive trades were effected in the customer’s account.
