{"id":10581,"date":"2022-04-20T15:42:58","date_gmt":"2022-04-20T19:42:58","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=10581"},"modified":"2022-04-20T15:42:58","modified_gmt":"2022-04-20T19:42:58","slug":"finra-requires-brokerage-firms-to-have-proper-supervisory-systems","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-requires-brokerage-firms-to-have-proper-supervisory-systems\/","title":{"rendered":"FINRA Requires Brokerage Firms To Have Proper Supervisory Systems"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-10582 size-full\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/04\/Robert-Foley.png\" alt=\"Robert Foley (Robert Patrick Foley CRD# 6060234) is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ. Previous employers include Maxim Group LLC (CRD#:120708) of New York, NY, Pruco Securities, LLC. (CRD#:5685) of Paramus, NJ, and Metlife Securities Inc. (CRD#:14251) of Elmsford, NY. He has been in the industry since 2012.  Foley has two disclosures in his CRD, the first of which involves failing to supervise two representatives at Wynston Hill who were involved in \u201cchurn and burn,\u201d or excessively trading in customers accounts, and a third firm representative who falsified the firm\u2019s records. This activity occurred during Foley\u2019s tenure, from January through June of 2019.  Foley was a designated principal responsible for supervising the registered representatives assigned to Wynston Hill\u2019s New York City branch office. His job included the review of orders to look for frequent or excessive trading, margin trades, unsuitable recommendations, higher-than-normal commissions and other \u201cred flags.\u201d Foley discussed these issues with the firm\u2019s chief compliance officer but took no other action. Customers of two of the representatives would need growth in excess of 100% per year in their accounts to cover the commissions and other costs that were involved with their accounts.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/04\/Robert-Foley.png 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2022\/04\/Robert-Foley-180x120.png 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Robert Foley (Robert Patrick Foley CRD# <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/6060234\" target=\"_blank\">6060234<\/a>) is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ. Previous employers include Maxim Group LLC (CRD#:120708) of New York, NY, Pruco Securities, LLC. (CRD#:5685) of Paramus, NJ, and Metlife Securities Inc. (CRD#:14251) of Elmsford, NY. He has been in the industry since 2012. <a href=\"https:\/\/www.silverlaw.com\/blog\/finra-requires-brokerage-firms-to-have-proper-supervisory-systems\/#more-10581\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Robert Foley (Robert Patrick Foley CRD# 6060234) is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ. Previous employers include Maxim Group LLC (CRD#:120708) of New York, NY, Pruco Securities, LLC. (CRD#:5685) of Paramus, NJ, and Metlife Securities Inc. (CRD#:14251) of Elmsford, NY. He has [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[588],"tags":[],"class_list":["post-10581","post","type-post","status-publish","format-standard","hentry","category-finra-arbitration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FINRA Requires Brokerage Firms To Have Proper Supervisory Systems &#8212;<\/title>\n<meta name=\"description\" content=\"Robert Foley is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/finra-requires-brokerage-firms-to-have-proper-supervisory-systems\/\" 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