Securities Arbitration Lawyers BlogFINRA Suspends Registered Individuals for Violations of FINRA Rules May 2020
According to FINRA Disciplinary actions for May 2020, the following individuals were suspended 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. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:
| NAME | FORMER EMPLOYERS |
| Robert Cacioppo | MML Investors Services, LLC |
| NYLife Securities LLC | |
| Paula Collins | TIAA-CREF Individual & Institutional Services, LLC |
| OppenheimerFunds Distributor, Inc. | |
| Michael Davis | Allied Millennial Partners, LLC |
| Syren Capital Advisors | |
| 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 | |
| John Santariello | Arive Capital Markets |
| Cape Securities Inc. | |
| George Schmidt, Jr. | Lincoln Financial Advisors Corporation |
| Horner, Townsend & Kent, Inc. | |
| Ricardo Turlan | UBS Financial Services Inc. |
| BBVA Securities Inc. | |
| Kevin Williams | Lucia Securities, LLC |
| Wells Fargo Clearing Services, LLC |
For example, FINRA Rule 3240 governs borrowing and lending arrangements between registered investment advisors (RIAs) and customers of their member firm. For the most part, this type of borrowing and lending is disfavored. Indeed, it is strictly prohibited unless certain conditions are met. FINRA routinely bars members who improperly take loans or otherwise takes money from customers. However, in most cases, investors hire investment fraud attorneys to pursue their losses against the advisor and/or the brokerage firm through Finra arbitration to recover those losses. In many cases, brokerage firms may be held liable for failing to supervise the financial advisor or other negligence. Silver Law Group has represented investors in FINRA arbitration to recover money from brokers who improperly borrow money from customers, invest customers in personal investments or projects and for breach of fiduciary duty when stockbrokers improperly serve as trustees or beneficiaries of a will or trust.
Silver Law Group represents investors in securities and investment fraud cases through FINRA arbitration or court. Our securities arbitration attorneys have represented investors in claims for theft, churning, improper outside business activities or selling away and other disputes against brokers and brokerage firms. 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.