Raymond William Clark of Point Pleasant Beach, New Jersey, a stockbroker registered with Monmouth Capital Management LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Clark failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2022076459304 (August 9, 2023).
On July 18, 2023, FINRA’s staff contacted Clark, requesting him to provide an on-the-record testimony on July 31, 2023, under the provisions of FINRA Rule 8210. FINRA wanted to determine whether Clark engaged in churning and in excessive and unauthorized trading in customer accounts. Additionally, the regulator looked into his supervision of other stockbrokers for possible excessive trading or churning activities, as well as potential violations of regulations relating to safeguarding private customer information.
However, on the same day, through an email from his lawyer to FINRA, Clark recognized having received the request but clarified his intention not to appear for the testimony. By deciding not to participate in the requested testimony, Clark violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure shows that Clark is referenced in four customer initiated investment related disputes concerning Clark’s conduct while associated with securities broker dealers, including Grayson Financial LLC. On December 23, 2003, a customer initiated investment related NASD securities arbitration claim involving Clark’s conduct was settled for $23,000.00 in damages based upon allegations that Clark engaged in unauthorized trading and made misrepresentations of material fact in connection with the sale of stocks and over-the-counter equities during the time that Clark was associated with Grayson Financial LLC. NASD Arbitration No. 03-03156.
On December 13, 2010, a customer initiated investment related FINRA securities arbitration claim involving Clark’s conduct was settled for $38,000.00 in damages based upon allegations that Clark committed fraud, violated state securities laws, breached his fiduciary duties, churned accounts, engaged in unauthorized trading, and made unsuitable recommendations and misrepresentations of material fact in connection with the sale of over-the-counter equities when Clark was associated with J.P. Turner Company LLC. FINRA Arbitration No. 09-06906.
Clark was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $70,000.00 in damages based upon allegations that Clark churned accounts, was negligent, committed fraud, breached his fiduciary duties, and made misrepresentations about stocks during the time that Clark was associated with J.P. Turner Company LLC. FINRA Arbitration No. 10-02464 (April 9, 2011).
On May 9, 2023, a customer filed an investment related FINRA securities arbitration claim involving Clark’s conduct in which the customer requested $509,371.00 in damages based upon allegations that Clark was negligent, engaged in unauthorized trading, and engaged in churning of over-the-counter equities and stocks in the customer’s account when Clark was associated with Monmouth Capital Management LLC. FINRA Arbitration No. 23-01268.
Clark was associated with Monmouth Capital Management LLC as a stockbroker from March 23, 2021, to June 9, 2023. FINRA expelled the firm a month later. He was associated with Alexander Capital L.P. as a stockbroker from June 12, 2023, to July 26, 2023.
