Michael Alan Biedny of Clarence New York a stockbroker formerly registered with Raymond James Financial Services has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Biedny concealed from Raymond James that he took $118,000 from a senior customer. Letter of Acceptance Waiver and Consent No. 2018060984401 (Nov. 10, 2020).
According to the AWC, between May of 2015 and November of 2017, six checks that were worth $118,000.00 had been provided to Biedny by a Raymond James customer. The AWC stated that the customer prematurely sold a CD that was valued at nearly ten percent of the customer’s net worth all to provide Biedny with funds.
The regulator noted that stockbrokers were prohibited under Raymond James’ policies from accepting more than $100.00 from a customer. Biedny was aware of those restrictions and took steps to bypass the firm’s rules. The customer was reportedly told that the stockbroker needed to accept the funds in secret. Raymond James also administered audit questionnaires to Biedny that called upon him to disclose the money that he took from the customer. Biedny falsely certified that he did not accept gifts exceeding $100.00 in value from customers of the firm.
Biedny also falsely stated that the customer wished to withdrawal $70,000.00 to use towards a real estate transaction where Biedny maintained no involvement. The stockbroker never updated Raymond James’ systems to show that he was the recipient of all but $1,000.00 of those funds. Biedny then lied to Raymond James supervisory personnel who probed him about accepting the customer’s funds. Biedny’s conduct was violative of FINRA Rule 2010.
FINRA Public Disclosure confirms that Biedny has been identified in three customer initiated investment related disputes concerning allegations of his violative conduct while registered with Raymond James and Fittin Cunningham Lauzon Inc. Biedny has been referenced in an investment related civil action which was resolved for $23,500.00 based upon allegations of unsuitable and unauthorized transactions by the stockbroker at Fittin Cunningham Lauzon. The claim also alleges omissions and misrepresentations by Biedny.
On December 14 ,2018, a customer filed an investment related complaint involving Biedny’s activities in which the customer requested $100,000.00 in damages supported by allegations that the Raymond James customer had been solicited by Biedny for purposes of providing him $100,000.00 and that the stockbroker accepted payment of those funds. Biedny is also the subject of a customer initiated investment related written complaint which was settled for $81,000.00 in damages on April 17, 2020 founded on allegations that dividends were not reinvested in the customer’s account and that the Biedny took personal checks from the customer during the time that he was associated with Raymond James.
Biedny was registered with Raymond James until December 26, 2018.
