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FINRA Bars Stockbrokers For Failing To Provide FINRA With Information August 2020

According to FINRA Disciplinary actions for July 2020, the following individuals were barred 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:

  Joanna Abdelhadi   Wells Fargo Clearing Services, LLC
  Credit Suisse Securities (USA) LLC
  Kenneth Butschek   ProEquities, Inc.
  Securities Management & Research, Inc.
  Nathaniel Clay   Laidlaw & Company (UK) Ltd.
  National Securities Corporation
  Paula Collins   TIAA-CREF Individual & Institutional Services, LLC
  Oppenheimerfunds Distributor, Inc.
  Alan Lau   Wells Fargo Clearing Services, LLC
  Wells Fargo Investments, LLC
  Stanley Martin   Allstate Financial Services, LLC
  H&R Block Financial Advisors, Inc.
  Scott Mason   Voya Financial Advisors, Inc.
  Western Wealth Management, LLC
  John Santariello   Arive Capital markets
  Cape Securities Inc.
  Marc Winters   Wedbush Securities Inc.
  UBS Financial Services Inc.

FINRA makes this information available, in part, to inform investors about potential red flags or problems with certain stockbrokers. If you invested with anyone in this report and have questions about your legal rights, our attorneys will talk with you at no cost to explain your legal rights and about how we can help recover your investment losses through securities arbitration or litigation.

FINRA Rule 8210 allows FINRA’s enforcement attorneys the authority to investigate matters under its regulatory purview. FINRA Rule 8210 requires a stockbroker or other registered person of the request to provide documents or information “with respect to any matter in [an] investigation, complaint, examination or proceeding.”

The subject matter of a FINRA investigation or inquiry can include almost anything relating to the brokerage industry or the financial advisor’s activities.  FINRA regulatory rules allow for broad authority to investigate violations of FINRA’s rules and regulations including, Rule 2010 (a FINRA member “shall observe high standards of commercial honor and just and equitable principles of trade”). Under Rule 2010 FINRA can seek any documents or other information that FINRA believes is relevant to its inquiry.  In 2013, FINRA announced in a regulatory notice that the scope of Rule 8210 had been clarified, stating that “all aspects of the relationship between a broker-dealer and its associated persons are potentially the subject of a Rule 8210 request.”

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 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 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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