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A National Securities Arbitration & Investment Fraud Law Firm

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FINRA Suspends Registered Individuals For Violations Of FINRA Rules December 2022

According to FINRA Disciplinary actions for December 2022, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Albert Aviles   Reid & Rudiger LLC
  Spartan Capital Securities, LLC
  Ruth Chambers   Raymond James & Associates, Inc.
  Mutual Trust Co. of America Securities
  Seymour Cohen   Wilmington Capital Securities, LLC
  Clark Dodge & Co., Inc.
  Anthony DiLullo   LPL Financial LLC
  ING Financial Partners, Inc.
  John Fabiano   LPL Financial LLC
  JD Financial Services Inc.
  Samuel Heavrin   J.P. Morgan Securities LLC
  Austin Lazarus   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  J.P. Morgan Secvurities LLC
  Jason Long   State Farm VP Management Corp.
  Pamelia Owensby   UBS Financial Services Inc.
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Alexandra Smith   J.P. Morgan Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

For example, FINRA Rule 3240 governs borrowing and lending arrangements between registered investment advisors (RIAs) and customers of their member firm. For the most part, this type of borrowing and lending is disfavored. Indeed, it is strictly prohibited unless certain conditions are met. FINRA routinely bars members who improperly take loans or otherwise takes money from customers.

However, in most cases, investors hire investment fraud attorneys to pursue their losses against the advisor and/or the brokerage firm through FINRA arbitration to recover those losses. In many cases, brokerage firms may be held liable for failing to supervise the financial advisor or other negligence. Silver Law Group has represented investors in FINRA arbitration to recover money from brokers who improperly borrow money from customers, invest customers in personal investments or projects and for breach of fiduciary duty when stockbrokers improperly serve as trustees or beneficiaries of a will or trust.

Securities Arbitration Claims Against Barred Brokers

Even after a broker is barred from the industry or otherwise faces disciplinary action, investors can still pursue stockbroker misconduct claims against their financial advisor and/or their brokerage firms. Financial Advisors who have engaged in misconduct or otherwise violated FINRA rules or regulations frequently surrender their license rather than cooperate in a FINRA investigation. In the past, FINRA has barred brokers from the industry for participating in Ponzi schemes, elder financial fraud, breach of fiduciary duty and other misconduct. While a bar from the securities industry can be a powerful piece of evidence for investors pursuing FINRA arbitration claims against their advisors and/or their brokerage firms, investors should work with experienced securities and investment fraud attorneys to help maximize their recovery.

FINRA arbitration is separate and distinct from FINRA’s regulatory obligations. In our experience, FINRA regulatory focuses on punishing the wrongdoers but rarely results in compensation for the victims. For investors who have been defrauded by a financial advisor or others, FINRA arbitration is frequently the best place to secure a recover for losses.

Silver Law Group represents investors in securities and investment fraud cases through FINRA arbitration or court. Our securities arbitration attorneys have represented investors in claims for theft, churning, improper outside business activities or selling away and other disputes against brokers and brokerage firms. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide in securities arbitration to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call us at 800-975-4345 to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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