Articles Posted in Disciplinary Actions

Assan Faal suspended by FINRA.

Assan Faal, a registered representative from Desplaines, Illinois formerly with Stifel Nicolaus and Sterne Agee  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Phillip Donnan barred by FINRA.

Phillip Donnan, a registered representative from Easley, SC formerly with AXA Advisors of Piedmont, SC  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Mohamed Baksh Barred.

Mohamed Baksh, a registered representative from Dumont, NJ formerly with PFS Investments of Rockaway, NJ and Duluth, GA was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

FINRA bars broker Virgil Santos.

Virgil Santos, a registered representative from Cerritos, CA formerly with All State Financial Services, also of Cerritos was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Jim Harrington barred by FINRA.

Jim Harrington, a registered representative from Livermore, CA formerly with State Farm VP Management of Bloomington, IL  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Aaron Armstrong barred by FINRA.

Aaron Armstrong, a registered representative from Stamford. CT, formerly with NY Life Securities, of New York, NY  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Meyers Associates loses arbitration case.

In June, 2016, a FINRA arbitration panel issued a $19,000 binding arbitration award against  Meyers Associates and registered rep Colin Archer.

The underlying matter involved allegations that Meyers Associates and Colin Archer breached their fiduciary duty, were negligent, engaged in unsuitable trading and churning, and failed to supervise in relation to the excessive trading in stocks, including Cypress Semiconductor, Dynamic Materials and Ireland Bank ADR.

Keith Bettex suspended.

Keith Bettex, a registered representative from Apex, North Carolina formerly with Pruco Securities of Raleigh, NC  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Finra suspends Dennis Van Patter.

In January, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Dennis Van Patter of Little Elm, Texas, formerly registered with VSR Financial Services of Plano, TX  submitted an acceptance, waiver and consent letter whereby he was suspended from association with any FINRA member in any capacity for 45 days and fined $10,000. The FINRA complaint alleged that Van Patter improperly invested an undue portion of a client’s net worth in alternative investments such as REITs, oil and gas programs and other private securities.  FINRA found that this allocation was not suitable for Van Patter’s retired customer.

Registration and disciplinary history

Finra bars Xavier Endress.

In January, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Xavier Endress of Bloomfield Hills, MI, formerly registered with Merrill Lynch of Bloomfield Hills, MI  submitted an acceptance, waiver and consent letter whereby he was barred from association with any FINRA member in any capacity.. The FINRA complaint alleged that Endress engaged in an undisclosed outside business activity, and opened an account with Merrill in the name of a company he owned without disclosing this to the firm.  The findings also stated that the account was opened under a different reps name and number, and that Endress signed the other reps name to the account without the other reps knowledge.

Registration and disciplinary history