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 through a regulatory examination. Without admitting or denying the findings, Simmons accepted the sanction. FINRA determined that Simmons violated FINRA Rules 8210 and 2010, which require full cooperation in investigations and adherence to high standards of conduct. Letter of Acceptance, Waiver, and Consent (AWC) No. 2021071851101.
FINRA Public Disclosure shows that Simmons is also involved in two pending customer-initiated FINRA arbitration claims concerning real estate-based Regulation D private placements. On October 3, 2024, a customer filed an arbitration claim against Patrick Capital Markets LLC, alleging a breach of fiduciary duty regarding an investment recommendation. The customer seeks $102,000 in damages (FINRA Arbitration No. 24-01966).
On September 23, 2024, another customer filed a similar arbitration claim against Patrick Capital Markets LLC, alleging breaches related to multiple Regulation D private placements, with damages sought totaling $1,800,000 (FINRA Arbitration No. 24-02008). Both claims remain pending and include claims for breach of fiduciary duty in connection with a recommendation to invest in several real estate-based Regulation D private placements.
On October 1, 2024, Simmons was permitted to resign from Saxony Securities Inc. after the securities broker dealer alleged that he failed to appear for a scheduled FINRA inquiry.
Simmons’ employment history includes Saxony Securities Inc. from January 3, 2023, to October 2, 2024, and Patrick Capital Markets LLC from March 22, 2021, to December 31, 2022.
