FINRA RULE 3280. Private Securities Transactions of an Associated Person (a) Applicability No person associated with a member shall participate in any manner in a private securities transaction except in accordance with the requirements of this Rule. (b) Written Notice Prior to participating in any private securities transaction, an associated…
Bradley Claus (CRD #5127951, Castle Rock, Colorado) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Claus misrepresented material facts in connection with the sale of securities in emails he sent using an unapproved personal email account. The findings stated that…
Raymond Dickie Dick Adcock of Cabot, Arkansas submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Dick Adcock consented to the sanction and to the entry of findings that while working as a registered representative for…
Ascendiant Capital Markets of Irvine, California submitted an Offer of Settlement in which the firm was censured and fined $20,000. Without admitting or denying the allegations, the firm consented to the sanctions and to the entry of findings that it failed to timely update registered representatives’ Forms U4 to reflect…
FINRA RULE 2111. Suitability (a) A member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person…
The Securities and Exchange Commission announced that on June 2, 2015 the federal court in Rhode Island entered an order imposing an asset freeze and other preliminary relief against the defendants ClearPath Wealth Management, LLC, a private funds investment adviser, its president and owner, Patrick Churchville, and the relief defendants…
On March 3, 2015 Norma Skeete of Arlington, Virginia, a former broker with PFS Investments of Camp Springs, MD was named in a FINRA complaint alleging that she made negligent misrepresentations to a PFS customer in connection with a loan that the customer made to a real estate company. The…
On February 9, 2015 FINRA barred Michael Korson from the securities industry as a result of findings that Korson engaged in outside business activities in violation of FINRA rules. Michael Korson’s bar relates to his sale of My Coupon Genie stock, which was a private securities transaction. FINRA found that…
Michael Ciuffo, formerly of Sikich Corporate Finance of Naperville Illinois was suspended by FINRA for six months, form May 2015 through November, 2015. Michael Ciuffo consented to the suspension without admitting or denying that he participated in two private securities offerings without getting written permission from his broker dealer. The…
On March, 26, 2015 Merrion Securities, LLC of Westfield, New Jersey was censured and fined $15,000 by FINRA. While neither admitting nor denying the findings, Merrion Securities consented to FINRA’s findings that Merrion Seurities failed to maintain investor funds in an approved fashion, by not depositing the funds into an…