Securities Arbitration Lawyers BlogIn October 2018, Registered Individuals Suspended by FINRA for Failing to Comply with FINRA Rules
According to FINRA Disciplinary actions for October 2018, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:
|
NAME |
FORMER EMPLOYERS |
| Jason Beem | Morgan Stanley |
| UBS Financial Services Inc | |
| Stephen Grivas | Blackbook Capital LLC |
| Obsidian Financial Group LLC | |
| Eric Negron | LPL Financial LLC |
| Ameriprise Financial Services, Inc | |
| Garry Savage Jr. | Wallstreet Strategies, Inx |
| Securities America, Inc | |
| Gary Savage Sr. | Wall Street Strategies, Inc |
| Securities America, Inc | |
| Mark Vanaelst | Morgan Stanley |
| Robert W. Baird & Co | |
| Aaron Willbanks | Willbanks Securities, Inc |
| Birchtree Financial Services, Inc. |
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Between 2008 and 2015, Kim was accused of soliciting the business of individuals who were retired or near retirement age, and recommended that they liquidate their pension plans and 401(k) to invest with him in so-called “alternative investments,” including things like non-traded 
Two customer disputes were filed in May of 2018, both alleging overpayment of commissions, totaling $2,010,939.01. These disputes are currently listed as “pending.” According to FINRA documentation, Chong was under review for these disputes, which were related to large, institutional trades, and his registration with Raymond James was voluntarily terminated on May 22, 2018. He is not currently associated with any FINRA-member firm.
Downing is also the subject of a customer dispute, filed on 07/05/2018. In it, the client alleges that Downing “between 2013 and 2018. . .excessively traded client’s account.” Requested damages are $1M, but no additional details are available. It is not known if this case is related to the FINRA action that let to Downing ultimately being barred indefinitely.
FINRA suspended Henriquez in all capacities, effective 7/2/2018 through 08/15/2018, and fined him $7,500 for effecting discretionary transactions in multiple customer accounts. These transactions were conducted without written consent from the customers, as well as without written authorization from the firm.