Raymond Max Pett of Southfield Michigan a stockbroker currently registered with CoreCap Investments, Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $170,000.00 in damages based upon allegations that Pett was liable for a registered representative having stolen the customer’s assets. FINRA Arbitration No. 18-01283 (August 9, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Pett has been identified in seven additional customer initiated investment related disputes containing accusations of his misconduct while employed with Leonard & Company and CoreCap Investments, Inc. Specifically, a customer initiated investment related arbitration claim involving Pett’s activities was settled for $7,000.00 in damages supported by allegations that Pett negligently transacted in the customer’s account and violated FINRA Rules in regard to the customer’s investments in collateralized mortgage obligations and equities. FINRA Arbitration No. 12-02682 (Nov. 26, 2013).
Then, a customer initiated investment related arbitration claim concerning Pett’s conduct was resolved for $57,500.00 in damages founded on accusations that Pett failed to protect the customer’s assets from being stolen by a CoreCap Investments Inc. registered representative. FINRA Arbitration No. 17-01710 (May 11, 2018). Another customer initiated investment related arbitration claim regarding Pett’s activities was settled for $75,000.00 in damages based upon allegations of Pett’s failure to appropriately supervise a representative who stole the customer’s assets. FINRA Arbitration No. 17-01838 (July 9, 2018).
In addition, a customer initiated investment related arbitration claim involving Pett’s conduct was resolved for $60,000.00 in damages supported by accusations that Pett personally profited from a registered representative’s criminal activities that caused the customer to incur losses, and failed to supervise that representative’s activities. FINRA Arbitration No. 17-02412 (Aug. 9, 2018). Another customer initiated investment related arbitration claim concerning Pett’s activities was settled for $115,000.00 in damages founded on allegations that Pett was responsible for failing to supervise a registered representative who defrauded the customer after effecting investment transactions away from the firm. FINRA Arbitration No. 17-02794 (Aug. 9, 2018).
Moreover, a customer initiated investment related arbitration claim regarding Pett’s conduct was resolved for $150,000.00 in damages based upon accusations of embezzlement, fraud and supervisory failures relating to a loan placed between the customer and a registered representative Pett was responsible for supervising. FINRA Arbitration No. 18-00198 (Aug. 9, 2018). Thereafter, a customer initiated investment related arbitration claim involving Pett’s activities was settled for $45,000.00 in damages supported by allegations of fraud. FINRA Arbitration No. 18-00113 (Aug. 9, 2018).
FINRA Public Disclosure also reveals that Pett has been censured and fined $20,000.00 by the Michigan Department of Licensing and Regulatory Affairs based upon Pett’s consent to the Department’s findings that Pett failed to supervise a securities agent, Ernest J. Romer III, who committed Securities Act violations in the fraudulent procurement of customer funds. Case No. 334079 (Dec. 18, 2017).
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