Leonard V. Fox, Jr., of Marlton, New Jersey, a stockbroker formerly associated with FSC Securities Corporation, is the subject of a Summary Revocation Order issued by the State of New Jersey Bureau of Securities, which has revoked Fox’s investment advisor representative registration and securities agent registration supported by findings that he was expelled by Financial Industry Regulatory Authority (FINRA). In the Matter of Leonard V. Fox, Jr. (Aug. 17, 2017).
Fox consented to being barred by FINRA in all capacities based on findings that he failed to cooperate with FINRA’s investigation into allegations of his misappropriation and improper lending arrangements involving a customer of FSC Securities Corporation. Apparently, Fox neglected to respond to requests for information and documentation made by FINRA in July of 2016, and confirmed through his attorney in August of 2016 that he would not be submitting the information at any point. This resulted in FINRA finding Fox’s conduct to be violative of FINRA Rules 2010 and 8210.
New Jersey Bureau of Securities considered Fox’s FINRA bar to be grounds to revoke his registration as investment adviser representative and agent according to N.J.S.A. 49:3-58(a)(2)(vi). The Bureau also disallowed Fox’s exemption from registration requirements.
FINRA Public Disclosure reveals that Fox is the subject of a customer initiated investment related arbitration claim, which was settled for $162,500.00 in damages to resolve allegations of unauthorized and excessive trading of unit investment trusts and mutual funds in the customer’s account between 2013 and 2016. FINRA Arbitration No. 16-02868 (Oct. 3, 2016).
Another customer agreed to resolve a customer dispute involving Fox’s improper conduct for $20,000.00 in damages based upon allegations of misrepresentation, suitability, and the failure of Janney Montgomery Scott LLC to supervise Fox’s activities. NASD Arbitration No. 03-08347 (Dec. 29, 2005). Then, a customer arbitration claim was settled for $125,000.00 resting on allegations against Fox of failing to follow the customer’s instructions with respect to her equity investment portfolio liquidation. FINRA Arbitration No. 09-06665 (Sept. 2, 2010).
Fox’s registration with FSC Securities Corporation ended on August 16, 2016.
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