Sanford Graham Simmons, also known as Sandy Simmons Jr. and Sanford Graham Simmons Jr., a stockbroker formerly associated with Patrick Capital Markets LLC has been permanently barred by Financial Industry Regulatory Authority (FINRA). On October 17, 2024, FINRA imposed the bar after Simmons refused to provide on-the-record testimony as part of an ongoing investigation initiated…
Kittiany Davis Barrios, a former stockbroker with PFS Investments Inc. in Cranbury, New Jersey, was barred by Financial Industry Regulatory Authority (FINRA) on October 17, 2024. The bar resulted from Davis Barrios’s refusal to provide documents, information, and on-the-record testimony during a FINRA investigation, violating FINRA Rules 8210 and 2010. Letter of Acceptance, Waiver, and…
Colton Wade Jacob, a former stockbroker based in Austin, Texas, was subject to a regulatory action by Financial Industry Regulatory Authority (FINRA) on October 21, 2024, for engaging in outside business activities without providing written notice to his member firms, Raymond James Financial Services Inc. and Steward Partners Investment Solutions LLC. This conduct violated FINRA…
Steven Patrick McCormick, a stockbroker from Simi Valley, California, formerly registered with Osaic Wealth Inc., has been permanently barred by Financial Industry Regulatory Authority (FINRA) for failing to cooperate with a regulatory investigation. The investigation followed a complaint submitted to FINRA. Letter of Acceptance, Waiver, and Consent (AWC) No. 2023077823001. On September 24, 2024, FINRA…
William Lee Campbell, a former stockbroker at David Lerner Associates Inc. in White Plains, New York was sanctioned by the Financial Industry Regulatory Authority (FINRA) for making unsuitable investment recommendations involving energy-related limited partnerships. Letter of Acceptance, Waiver, and Consent (AWC) No. 2019063686209. Between August 2015 and August 2017, Campbell recommended investments in limited partnerships…
Jesse Brett Butler, also known as Brett Butler or J. Brett Butler, a stockbroker from Evansville, Indiana, was sanctioned by Financial Industry Regulatory Authority (FINRA) for borrowing violations while registered with Allstate Financial Services LLC. FINRA issued a Letter of Acceptance, Waiver, and Consent (AWC) on October 23, 2024, after determining that Butler borrowed a…
Christopher J. Shaw, also known as Chris Shaw, of Belmont, North Carolina, a former stockbroker with Newbridge Securities Corporation, was sanctioned by Financial Industry Regulatory Authority (FINRA) for making unsuitable investment recommendations to customers. The disciplinary action was initiated on October 23, 2024, and Shaw consented to the findings without admitting or denying the allegations. …
Victor Alan Lessinger, a stockbroker from Centennial, Colorado, formerly associated with Colorado Financial Service Corporation, has been sanctioned by Financial Industry Regulatory Authority (FINRA) following allegations of unsuitable investment recommendations. Letter of Acceptance, Waiver, and Consent (AWC) No. 2023077597701. Between June 2022 and February 2023, Lessinger advised an 82-year-old retail customer to invest in three…
Christopher Steven Coffey, formerly a stockbroker with Allstate Financial Services LLC in Johnson City, Tennessee, has been sanctioned by Financial Industry Regulatory Authority (FINRA). On October 29, 2024, FINRA alleged that Coffey forged customer signatures on two variable annuity withdrawal forms, violating FINRA Rules 2010 and 4511. These actions resulted in the maintenance of inaccurate…
Jesse D. Krapf, a stockbroker formerly with Spartan Capital Securities LLC in New York, New York, was the subject of a Financial Industry Regulatory Authority (FINRA) regulatory action finalized on October 30, 2024. FINRA found that Krapf violated Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934, as well as FINRA Rules…
Sherwin Edison Sargeant, also known as Sherwin Sargeant, a former stockbroker with Planmember Securities Corporation in Orlando, Florida, has been barred by Financial Industry Regulatory Authority (FINRA), effective November 5, 2024. Letter of Acceptance, Waiver, and Consent (AWC) No. 2023079285701. FINRA launched an investigation into Sargeant regarding undisclosed outside business activities, including potential involvement with…
Independent Financial Group LLC (IFG), based in San Diego, California, has been sanctioned by Financial Industry Regulatory Authority (FINRA) for failing to establish and enforce a supervisory system designed to detect and prevent excessive trading in customer accounts. These failures occurred between July 2020 and December 2022. Additionally, IFG did not fully or promptly respond…
Signet Securities LLC, a Columbus, Ohio-based securities broker dealer, has been sanctioned by Financial Industry Regulatory Authority (FINRA) for failure to supervise. The securities broker dealer, a subsidiary of Signet Capital, primarily sells private placement securities to retail investors and has been a FINRA member since January 2011. Letter of Acceptance, Waiver, and Consent (AWC)…
Concorde Investment Services, based in Ann Arbor, Michigan, has been sanctioned by Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise unsuitable recommendations of alternative investments made to six customers. The investigation focused on the securities broker dealer’s supervision of GPB Capital Holdings LLC (GPB Capital) limited partnership interests from November 2015 to April…
John D. Lowry, of New York, New York, Chief Executive Officer, and Kim M. Monchik, Chief Administrative Officer of Spartan Capital Securities, LLC, were sanctioned by Financial Industry Regulatory Authority (FINRA) for failing to disclose or timely disclose arbitration filings, customer complaints, and financial events on Forms U4 and U5. Spartan Capital Securities received 49…
In addition to the $10 million Morgan Stanley was made to pay to more than several dozens of its customers for the theft of funds stolen by its stockbrokers and investment advisors, on December 9, 2024, as well as agree to certain other “undertakings,” Morgan Stanley has agreed to pay an additional $15 million in…
Jeffrey Tyler Shaver, of Atlanta, Georgia, a stockbroker registered with Arkadios Capital, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $1,000,000.00 in damages based on allegations of stockbroker negligence, overconcentration, and the unsuitable investment recommendation of alternative investments and real estate…
Richard Allen Ceffalio Jr. (also known as Rich Ceffalio), of Arlington Heights, Illinois, a stockbroker registered with LPL Financial, is under a Financial Industry Regulatory Authority (FINRA) investigation as of October 2, 2024. FINRA reportedly issued a Wells Notice for potential violations of FINRA Rules 3240 and 2010. The allegations involve Ceffalio possibly borrowing from…
Christopher Brian Riggs (also known as Chris Riggs), of Petersburg, Virginia, a stockbroker registered with LPL Financial LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested over $5,000.00 in damages based upon allegations the he made the unsuitable investment recommendations of…
Stephen Herman Wedel (also known as Steve Wedel), of Creve Coeur, Missouri, a stockbroker formerly registered with LPL Financial, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim filed on May 16, 2022. The customer sought $95,000.00 in damages based on the allegation that Wdel made the…
Haiguang Yin (also known as Hai Guang Yin and John Yin), of Arcadia, California, a stockbroker registered with Cetera Investment Services LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim. The claim was filed on April 16, 2024. The customer alleged unsuitable investment recommendations, misrepresentation of…
On March 25, 2024, New Jersey Bureau of Securities issued a cease and desist order against Carlos Antonio Garceran, of New York, New York, a stockbroker formerly associated with the defunct Whale Securities Company LP and Financial Group Corporation. Specifically, Garceran was ordered to pay $150,000.00 in civil penalties for allegedly misusing a customer’s funds…
Eric Jose Garcia, of Coral Gables, Florida, a stockbroker registered with Essex National Securities LLC, was the subject of a customer initiated investment related complaint filed on March 21, 2024. The customer requested $105,000.00 in damages based on allegations of failure to conduct due diligence and the unsuitable investment recommendation of an offshore annuity. On…
Andrew William Payne, of Hartford, Connecticut, previously registered with UBS Financial Services, is the subject of two customer initiated investment related disputes. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that in the first dispute, the customer alleged that Payne had shares journaled and sold to another account without authorization from the customer between July…
Rafael Scott Klein (also known as Rafe Klein), of Westport, Connecticut, a stockbroker registered with David Lerner Associates Inc., is under a Financial Industry Regulatory Authority (FINRA) investigation. Public Disclosure shows that on March 18, 2024, the regulator issued a Wells Notice recommending disciplinary action against the stockbroker. Klein potentially violated FINRA Rules 2111 and…