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Articles Tagged with SunTrust Investment Services

Phillip Johnson was assessed by FINRA a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months. Without admitting or denying the findings, Johnson, a previous advisor with SunTrust Investment Services and DH Hill Securities, consented to the sanctions and to the entry of findings that he borrowed $528,000 from a customer, but failed to notify or obtain written approval of the loan in advance from his member firm. The findings stated that Johnson made an inaccurate statement on firm compliance questionnaires related to borrowing from a firm customer. The brokerage firm did not permit loans between registered persons and customers who were not close family members. Johnson and the customer are not family members.

Contact Our Firm if You’ve Invested with Phillip Johnson or your Financial Advisor Improperly Borrowed Money

If you invested with Phillip Johnson and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group.  Stockbrokers are in a unique position of trust and are rarely allowed to borrow money from clients.

Did You Invest in Private International Wealth Management with Dennis Edmonds? on silverlaw.comSilver Law Group is investigating former Georgia-based SunTrust Investment Services, Inc. (CRD# 17499) broker Ryan E. Cox (CRD# 3018153) over allegations that he accepted cash gifts from his customers.

According to Cox’s FINRA BrokerCheck report, Cox was discharged in March 2015 by his former employer, Synovus Securities, Inc. (CRD# 14023).  Synovus alleged that Cox and his wife received cash payments from an unrelated client and Cox knowingly allowed the naming of a spouse as a beneficiary of the same client’s variable annuity policy without disclosure to Synovus.

FINRA followed up Cox’s discharge with a suspension of two months in December 2016.  The suspension was related to Cox’s acceptance of cash gifts and Cox falsely stating that he had not received those cash gifts.  FINRA also levied a $15,000 fine on Cox.

FINRA Has Darrel Michael “Mike” Cruz Under Fire After Alleged Supervisory Failings on silverlaw.comSilver Law Group is investigating former Florida-based LPL Financial LLC (CRD# 6413) and Wells Fargo Advisors, LLC (CRD# 19616) (Also known as Wells Fargo Clearing Services) broker William T. Eaton (CRD# 3058469) after FINRA suspended him.

According to Eaton’s FINRA BrokerCheck report, FINRA suspended Eaton from acting as a broker in September 2016.  Eaton allegedly failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

LPL Financial employed Eaton from August 2015 to November 2016 at its West Palm Beach, Florida location.  Wells Fargo Advisors employed Eaton from April 2013 to August 2015 at its Wellington, Florida location.  Prior to Wells Fargo and LPL Financial, Suntrust Investment Services, Inc. (CRD# 17499) employed Eaton from July 2011 to April 2013 at its Delray Beach, Florida branch.

Silver Law Group is investigating former Georgia-based Summit Brokerage Services, Inc. (CRD# 34643) broker Clay E. Hoffman (CRD# 4371162) due to multiple FINRA actions pending against him and his racking up of 16 BrokerCheck disclosures in the past five years.

FINRA has initiated four regulatory actions against Hoffman in 2016, according to Hoffman’s FINRA BrokerCheck report.  Our attorneys have been monitoring FINRA’s actions against Hoffman.

The first, initiated in February, alleged Hoffman exercised discretion in a customer’s account and made unauthorized transactions without written authorization from the customer or the approval of Hoffman’s firm.  Hoffman was fined $5,000 and suspended for 15 days.

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