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Articles Tagged with Broker Suspension

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Robert Edward White (CRD #3077959) is a former registered broker whose last employer was Raymond James Financial Services, Inc. (CRD #6694) of East Hampton, NY. His previous employer was 1st Global Capital Corp. (CRD #30349) of Dallas, TX. No current employment information is available. He has been in the industry since 1998.

https://www.silverlaw.com/blog/wp-content/uploads/2017/07/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-300x200.jpgWhite was discharged from the Raymond James Financial Services on 4/3/2017 after it was discovered he had accepted cash gifts from a customer, and failed to disclose the gift to the firm. The firm’s policies prohibited registered representatives from accepting gifts over $100 per year from the firm’s customers. White accepted a total of $58,000 from a single firm customer, after certifying that he understood the policies on annual compliance questionnaires.

After an investigation, FINRA suspended White on 8/10/2018 for four months, effective 8/20/2018. White was also fined $10,000, and signed an Acceptance, Waiver & Consent (AWC) letter, agreeing to all sanctions. His suspension is scheduled to end on 12/19/2018. It is generally against a brokerage firm’s rules for a financial advisor to borrow money from a customer or otherwise accept cash gifts.

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Lloyd Mark Johnston (CRD #1626695) is a previously registered broker and investment advisor who was last employed with Capital Financial Services, Inc. (CRD #8408) of Spokane, WA. He was previously employed with Legacy Financial Services, Inc. (CRD #38697) of Clinton, MD., Investors Capital Corp. (CRD #30613) of Lynnfield, MA, and Intersecurities, Inc. (CRD #16164) of St. Petersburg, FL. No current employment information is available. He has been in the industry since 1987.

Failure-to-Adequately-Supervise-Prompts-FINRA-Suspension-of-Roman-Luckey-300x200FINRA suspended Johnston on 06/25/2018 indefinitely after he failed to respond to a request for information. The suspension will continue until he provides the requested information. Should Johnson decline to provide this information, continue not responding or fail to request termination of his suspension, the suspension will be converted to a bar. FINRA began its investigation on 02/08/2018.

Johnston was discharged from Capital Financial Services on 05/14/2018 for failing to disclose “reportable events” on his U4. While the reportable events were not described, BrokerCheck lists a total of 15 tax liens in his disclosures dating back to 2000.

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The New York broker is reported to have made excessive IRA trades in order to enrich himself

Richard Gomez won’t be able to act as a broker again until 2018. In January, the Financial Industry Regulatory Authority (FINRA) suspended him for a year due to reported examples of misconduct that took place with the accounts of elderly investors.

FINRA reported that Gomez used the IRA of husband and wife investors to make discretionary trades without authorization from the clients, and without his firm’s acceptance. Not only were these trades reportedly inconsistent with the strategy of his clients, and thus unsuitable, they were done excessively. Excessive trading – also known as churning – is when a broker makes trades for the purpose of generating more fees for him or herself, as well as the member firm.

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