Jeffrey S. Ingros, of Beaver, Pennsylvania, a stockbroker with Raymond James Financial Services, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate in a FINRA investigation into allegations that he engaged in unauthorized loans and outside business activities. Letter of Acceptance, Waiver and Consent, No. 2013039166001 (Mar. 11, 2016).
According to the AWC, on January 19, 2016, FINRA had sent Ingros a request to provide on-the-record testimony on February 24, 2016, pursuant to FINRA Rule 8210, as part of FINRA’s investigation into the allegations of Ingros’ misconduct.
The AWC reported that Ingros, by and through his attorney, responded to FINRA on February 22, 2016, indicating that Ingros had received FINRA’s requests to provide testimony. Ingros’ counsel indicated to FINRA that Ingros would not be participating in FINRA’s investigation at any point. As such, FINRA found that Ingros violated FINRA Rules 8210 and 2010 for not providing such testimony, leading to his permanent bar.
Public disclosure records reveal that Ingros has been subject to thirteen disclosure incidents. On August 2, 2004, Ingros settled a customer dispute for $7,500.00 after a claimant alleged unsuitability and account related losses. On February 24, 2009, Ingros settled a customer dispute for $57,000.00 after clients alleged unsuitable investment recommendations in connection with convertible corporate bond purchases. On April 8, 2009, Ingros settled a customer dispute for $10,000.00 after a customer alleged that Ingros made misrepresentations to the customer regarding a variable annuity product.
On October 31, 2013, Merrill Lynch terminated Ingros amid allegations that Ingros advised clients on assets outside the auspices of his firm; recommended securities not covered by the firm’s research personnel; failed to accurately record his customers’ order tickets; and failed to contact clients prior to entering orders in the firms’ non-discretionary accounts.
On January 30, 2014, Ingros became subject to a pending customer dispute, where a customer claimed unsuitable recommendations and unauthorized trading. On March 11, 2015, Ingros became subject to another pending customer dispute, where a customer has claimed suitability, misrepresentation and fraud. Ingros became subject to yet another pending customer dispute on October 21, 2015, where a customer is requesting $1,724,854.00 after claiming unsuitable recommendations, misrepresentation, unauthorized borrowing, and unauthorized trading.
On February 19, 2016, Raymond James permitted Ingros to resign amid allegations that Ingros accepted customer loans without properly obtaining his firm’s approval, while additionally failing to properly attest to such loans on his firm’s annual compliance questionnaire.
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