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FINRA Suspends Registered Individuals For Violations Of FINRA Rules September 2020

According to FINRA Disciplinary actions for September 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
  William Ellis   Charles Schwab & Co., Inc.
  Fidelity Brokerage Services LLC
  John Evans   Wells Fargo Clearing Services, LLC
  Foreside Fund Services, LLC
  Dia Howell   U.S. Bancorp Investments, Inc.
  May Kim   Pruco Securities, LLC
  Evan Nadelman   Aegis Capital Corp.
  Ninety Holdings Group LLC
  Blair Olsen   Lincoln Investment
  Legend Equities Corporation
  Gyasi Richard   Wells Fargo Clearing Services LLC
  Philip Scherello   Traderfield Securities Inc.
  Velocity Capital, 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 take 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, contact us today at ssilver@silverlaw.com or toll free at (800) 975-4345 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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