Securities Arbitration Lawyers BlogFINRA Bars Broker Sanford Simmons
Sanford Simmons (Sanford Graham Simmons CRD# 1018907, aka, “Sandy Simmons Jr, Sanford Graham Simmons Jr, Sanford Graham (Jr) Simmons”) is a previously registered broker and investment advisor last employed with Saxony Securities, Inc. (CRD# 115547) of Castle Rock, CO. Recent employers include Patrick Capital Markets, LLC (CRD# 16518), also of Castle Rock, Colorado Financial Service Corporation (CRD# 104343) of Centennial, CO, and Wealthforge Securities, LLC (CRD# 152550) of San Clemente, CA. He has been in the industry since 1981.
Saxony Securities allowed Simmons to resign on or about 10/1/2024 after he “failed to appear for a scheduled 8210 inquiry.” FINRA’s Rule 8210 requires individuals to provide on-the-record testimony for anything that is subject to an investigation. Brokers and other associated individuals are required under FINRA’s rules to comply with requests for information and testimony.
This termination led to FINRA disciplinary action. According to the document, Simmons failed to appear in September of 2024. FINRA sent a notice to Simmons on 7/25/2024 to appear to testify on the record for a matter. On 9/16/2024, Simmons notified FINRA through his counsel that he would not appear for on-the-record testimony at any time. Since this refusal violates Rule 8210, FINRA issued the sanction of a permanent bar from association with any member broker-dealer in any capacity, effective 10/17/2024. Simmons signed a Letter of Acceptance, Waiver & Consent (AWC) on September 4, 2024.
Concurrently, a customer filed a dispute on 10/3/2024 with allegations of “Breach of its duties and obligations to Claimant in connection with a recommendation to invest in a real estate-based Regulation D private placement.” The customer is requesting damages of $103,000, and this claim is currently pending.
A similar customer dispute was filed on 9/23/2024 alleging recommendations in “several” Regulation D private placements. Although the client requested damages of $1.8 million, the claim was withdrawn.
Why Is Rule 8210 Important?
If you have an issue with your broker or broker dealer, FINRA, as the regulatory authority, will begin investigating the matter after you (or your attorney) make a complaint.
Rule 8210 authorizes FINRA to inspect and copy the books, records and accounts of a member firm with respect to any matter involved in an investigation, complaint, examination or proceeding. Under Rule 8210, FINRA will begin asking the broker, broker-dealer, and anyone else involved to produce documents and information related to your complaint. FINRA needs all available evidence to make a determination in any action, whether it be disciplinary, arbitration, or other type of claim.
Did You Invest With Sanford Simmons?
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.