Securities Arbitration Lawyers BlogFINRA Names Individuals Suspended in February 2019 for Failing to Comply with FINRA Rules
According to FINRA Disciplinary actions for February 2019, 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 |
| Grossman, Robert | David Lerner Associates, Inc |
| National Planning Corporation | |
| Jacobowitz, Oded | Securities America, Inc |
| JP Morgan Securities LLC | |
| James, Garland | Garden State Securities, Inc |
| Global Arena Capital Corp | |
| Konz, Rachel | Morgan Stanley |
| Wells Fargo Advisors, LLC | |
| Moltz, Brian | MML Investors Services, LLC |
| Merrill Lynch, Pierce, Fenner & Smith Inc | |
| Park, Thomas | Wells Fargo Clearing Services, LLC |
| Merrill Lynch, Pierce, Fenner & Smith Inc | |
| Royster, Brian | HD Investment Services |
| LPL Financial LLC | |
| Staff, Phillip | Ameriprise Financial Services, Inc |
| Wells Fargo Advisors, LLC |
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On May 1, 2018, FINRA Department of Enforcement entered into a settlement via Acceptance, Waiver, and Consent (AWC) with Respondent Laidlaw & Company. Without admitting or denying any wrongful acts, Laidlaw consented to a public censure by FINRA, the imposition of a $25,000 fine, as well as agreeing to give FINRA a written statement saying that systems mentioned in the AWC are designed to achieve compliance with “applicable securities laws, regulations, and rules.
A misunderstanding with FINRA’s rule caused LPL to ignore dozens of customer complaints. The firm incorrectly failed to file and/or update registered representatives U4 or U5 forms to disclose dozens of reportable customer complaints that should have been filed. These claims requested compensatory damages of $5,000 or more. A representative for FINRA stated, “LPL incorrectly construed this phrase to mean that the firm was not required to report any complaint that did not expressly request compensation, even when the customer alleged a sales practice violation that caused a loss of $5,000 or more, and the complaint, when viewed as a whole, made clear that the customer was seeking compensation.” LPL has been the subject of multiple customer complaints frequently filed as securities arbitration claims, claiming significant damages.
White was discharged from the Raymond James Financial Services on 4/3/2017 after it was discovered he had accepted cash gifts from a customer, and failed to disclose the gift to the firm. The firm’s policies prohibited registered representatives from accepting gifts over $100 per year from the firm’s customers. White accepted a total of $58,000 from a single firm customer, after certifying that he understood the policies on annual compliance questionnaires.
BrokerCheck now reports that Sandlapper Wealth Management, LLC has discharged him from their employment as of 8/31/2018 after he was barred by FINRA.
Yassin is the subject of two FINRA disciplinary actions. The first, filed on 10/29/2018, suspends Yassin indefinitely for failure to comply with 
Seven of Offen’s previous employers have been expelled from FINRA: