Securities Arbitration Investment Fraud Lawyers » Misappropriation of Funds » FINRA Sanctions Woodrock Securities Stockbroker For Selling Outside Investments

Sign of the Financial Industry Regulatory Authority

Sean Daniel McDevitt of Houston Texas a stockbroker formerly registered with Woodrock Securities LP has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that McDevitt engaged in outside business activities while registered with Woodrock. Letter of Acceptance Waiver and Consent No. 2019061982001 (Feb. 25, 2021).

According to the AWC, between August 20, 2015 and June 9, 2016, investors had been solicited by McDevitt for purposes of buying notes in software platform company, SENSEI LLC. The regulator indicated that McDevitt was the chairman and CEO of that company. At least four investors purchased a collective $600,000.00 in SENSEI notes between August 20, 2015 and Jun 9, 2016. FINRA confirmed that the promissory notes constituted securities.

McDevitt was prohibited by Woodrock from effecting private securities transactions unless he first notified the firm and procured its approval. The AWC stated that there was no point in which McDevitt informed Woodrock about these outside transactions. The securities broker dealer also received at least three attestations from McDevitt where he concealed that he sold these promissory notes. FINRA found McDevitt’s conduct violative of FINRA Rules 2010 and 3280 as well as National Association of Securities Dealers (NASD) Rule 3040.

McDevitt’s registration with Woodrock has been terminated as of December 1, 2016. He was registered with Campfire Capital between January 2, 2019 and January 22, 2021.