Mark Joseph Flanagan of Highland Park, Illinois, a stockbroker formerly registered with Citigroup Global Markets Inc., has been suspended on June 7, 2018 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that he failed to pay Citigroup $102,022.26 in compensatory damages pursuant to FINRA Arbitration Award No. 17-01353 (Feb. 27, 2018).
Interestingly enough, it is not only the failure to pay customer arbitration awards that could result in a broker’s summary suspension or bar, the failure to pay any arbitration award, even to a former employer, can result in a permanent bar. See, e.g NASD Notice to Members 04-57 (Aug. 2004).
FINRA Public Disclosure reveals that Flanagan was previously suspended by FINRA in all capacities founded on accusations that he neglected to cooperate with FINRA’s request for Flanagan’s information. FINRA Case No. 2017053609201 (June 26, 2017). Moreover, a few months prior, on March 8, 2017, he was discharged from Citigroup Global Markets Inc. based upon allegations that he failed to abide by the firm’s customer communication policy and had been alleged by a customer to have committed sales practice violations.
FINRA Public Disclosure confirms that Flanagan is referenced in five additional customer initiated investment related disputes pertaining to accusations of his violative conduct during the period that he was employed by Citigroup Global, Fifth Third Securities, Inc., and Wells Fargo Advisors, LLC. In particular, on May 19, 2008, a customer initiated investment related claim regarding
Flanagan’s conduct was resolved for $8,980.52 in damages supported by allegations of poor performance of the customer’s preferred stock, municipal debt, corporate debt and asset-backed debt investments.
On April 29, 2011, another customer filed an investment related complaint involving Flanagan’s conduct in which the customer sought $22,627.63 in damages founded on accusations that the customer’s in-house managed / wrap account had been inappropriately managed. On January 17, 2015, another customer initiated investment related claim concerning Flanagan’s activities was settled for $101,868.00 in damages based upon allegations that in January 2014, margin was improperly utilized, trades were placed in the customer’s account without the customer’s permission, and the customer’s exchange traded fund portfolio failed to conform to the customer’s objectives for investing.
Moreover, on April 5, 2017, a customer initiated investment related written complaint regarding Flanagan’s conduct was resolved for $418,972.79 in damages supported by accusations that between March of 2014 and December of 2015, Flanagan falsely represented the customer’s investment experience within account documentation, mismarked the customer’s order tickets as having been unsolicited, and placed options transactions in the customer’s account that were not appropriate for the customer. Then, a customer initiated investment related arbitration claim concerning Flanagan’s activities was settled for $52,500.00 in damages founded on allegations that mutual fund and stock transactions were placed in the customer’s account on an unauthorized, unsuitable and excessive basis from January of 2011 to January of 2014. FINRA Arbitration No. 17-01755 (Oct. 18, 2017).
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