Rodger James Burskey, of Commerce Township, Michigan, a stockbroker formerly registered with Voya Financial Advisors, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that he failed to cooperate with FINRA in its investigation into allegations that Burskey made unsuitable investment recommendations and traded in customer accounts on a discretionary basis. Letter of Acceptance, Waiver and Consent, No. 2015047973401 (Dec. 29, 2016).
According to the AWC, in November of 2015, an investigation was launched by FINRA into allegations of Burskey’s discretionary trading and unsuitable investment recommendations. FINRA personnel reportedly sent Burskey a request on October 25, 2016, based upon FINRA Rule 8210, which called for Burksey to provide FINRA personnel with recorded testimony on November 10, 2016.
The AWC stated that Burskey notified FINRA personnel on November 10, 2016, that he would not be providing recorded testimony before FINRA personnel at the scheduled time. Subsequently, from November 23, 2016 to December 2, 2016, Burskey communicated with FINRA concerning the investigation. Ultimately, Burskey indicated that FINRA that he would not be providing recorded testimony before FINRA personnel at any point in the future. FINRA found that Burskey’s failure to cooperate in this regard was violative of FINRA Rules 2010 and 8210, which led to his permanent bar.
FINRA Public Disclosure reveals that Burskey has been identified in four events concerning allegations of his misconduct. Particularly, on October 12, 2015, a customer initiated investment related arbitration claim involving Burskey’s conduct was settled for $35,000.00 in damages based upon allegations that Burskey traded in the customer’s brokerage account without proper authorization.
Additionally, on October 19, 2015, a customer initiated investment related arbitration action concerning Burskey’s conduct was resolved for $32,156.35 in damages based upon allegations that Burskey effected unauthorized trades in the customer’s brokerage account. On February 1, 2016, another customer arbitration claim pertaining to Burskey’s actions was settled for $45,000.00 in damages based upon allegations that Burksey traded on a discretionary basis in the customer’s account, and effected excessive trades.
Burskey was terminated from Voya Financial Advisors on November 20, 2015, based upon allegations that Burskey’s discretionary trading was unauthorized, and his excessive trading violated the firm’s policies.
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