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FINRA Bars Stockbrokers For Failing To Provide FINRA With Information July 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:

NAME FORMER EMPLOYERS
  Robert Cacioppo   MML Investors Services, LLC
  NYLIfe Securities LLC
  Michael Davis   Allied Millennial Partners, LLC
  Syren Capital Advisors
  David Del Rio   LPL Financial LLC
  SunTrust Investment Services, Inc.
  Mary Beth Frassetto   Thrivent Investment Management Inc.
  Megan Hoffman   J.P. Morgan Securities LLC
  Chase Investment Services Corp.
  Jody Pullium   Allstate Financial Services, LLC
  PNC Investments
  Ana Rivera   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  George Schmidt, Jr.   Lincoln Financial Advisors Corporation
  Hornor, Townsend & Kent, Inc.
  Kevin Williams   Lucia Securities, LLC
  Wells Fargo Clearing Services, LLC

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.

Can a FINRA arbitration attorney recover investment losses? Yes we can. While every case is unique, if you have significant investment losses as a result of stockbroker misconduct or investment fraud, you should contact a securities arbitration attorney to learn your rights. Our attorneys will evaluate your claim at no cost and we are happy to share our experience and background with you.

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