Articles Posted in Disciplinary Actions

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that John Shockey of Shreveport, LA, formerly with Merrill Lynch, J.P. Turner and Summit Brokerage Services, all out of Shreveport, LA was suspended from association with any FINRA member for one year and ordered to pay $70,000.  Shockey submitted to findings that he engaged in private securities transactions with members of the firm by selling some of his own personal shares and directing clients to the third party seller of securities.  The total dollar amount of the shares sold that were attributed to Shockey is over $630,000.   According to FINRA, the transactions were in shares of Miami International Holdings, Inc., parent company of the MIAX Options Exchange.  According to the regulatory complaint, the sale of the Miami International Holdings securities constituted a violation of the registration provision of the federal securities laws as no registration statement had been filed, and no exemptions applied to the transactions.

John Shockey’s registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  John Shockey was registered with:

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Tom Schober of Rumson, NJ, formerly with SII Investments of Westborough, MA was barred from association with any FINRA member.  Schober submitted to findings that he made unsuitable annuity exchanges on behalf of elderly customers.  These exchanges resulted in over $150,000 in surrender penalties to the customers and netted Schober over $50,000 in commissions.  Schober never disclosed the surrender charges to the customers, and he also took steps to hide the basis for the exchanges from his firm and from the annuity companies.

Tom Schober’s registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Tom Schober was registered with SII Investments from June, 2007 Through January, 2015.

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Harold Joe Petro of Greenwood, Indiana, formerly with Merrill Lynch of Indianapolis, Indiana was suspended from association with any FINRA member for six months and fined $15,000.  Petro submitted to findings that he made multiple trades in client accounts without obtaining written authorization as required by the firm.  Petro solicited shares in the firm’s parent company and marked the tickets as unsolicited when in fact he had solicited the trades.  As a result, he caused the firm’s books and records to inaccurately reflect the nature of the transactions, a violation of FINRA rules.

Harold Joe Petro’s registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Harold Joe Petro was registered with Merrill Lynch from 1979 through March, 2014.

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Kelsey Molyet of Indianapolis, Indiana, formerly with J.J.B. Hilyard W.B. Lyons of Bloomington, Indiana was barred from association with any FINRA member in any capacity.  Molyet submitted to findings that she falsified documents, impersonated customers, and mislead customers about their account balances and transaction in their accounts.  When confronted with this information by FINRA investigators, Molyet falsely asserted that she did not alter customer documents.

Kelsey Molyet’s registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Kelsey Molyet was registered with J.J.B. Hilyard W.B. Lyons from August 2009 through September 2014.

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Alicia Moe (aka Alicia Marie Leach) of Encino, California, formerly with Unionbanc Investment Services of Woodland Hills, CA was barred from association with any FINRA member in any capacity.  Moe submitted to findings that she refused to cooperate with a FINRA investigation into whether she withdrew funds from a Unionbanc customer’s account without the customer’s permission.  Unionbanc had previously opened an investigation into the same conduct.

Alicia Moe’s registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Alicia Moe was registered with Unionbanc Investment Services from May, 2010 through January, 2016.

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Aldo Marchena of Boca Raton, FL, formerly with Northeast Securities and Kovack Securities, both of Boca Raton, FL, was suspended from association with any FINRA member for five months.  Marchena submitted to findings that he engaged in outside business activities without obtaining firm permission.  Marchena had sought firm permission to refer clients to his business consulting LLC, but the firm denied his request.  Marchena then continued to engage in the outside business activity, and made inaccurate statements on the firm’s annual compliance questionnaire regarding this outside business.  Marchena’s suspension ends on September 3, 2016.

Aldo Marchena’s registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Aldo Marchena was registered with:

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Kevin Kuhlow of Los Gatos, CA, formerly with LPL Financial was barred from association with any FINRA member.  Kuhlow submitted to findings that he introduced LPL customers to an unapproved investment, and when questioned by FINRA about this conduct, he refused to cooperate, testify or produce documents to the investigators.  As a result, he received a permanent bar.

Kevin Kuhlow’s registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Kevin Kuhlow was registered with LPL Financial from January 2005 to March 2016.

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Jeff Ingros of Beaver, PA, formerly with Raymond James Financial and Merrill Lynch, both of Beaver, PA was barred from association with any FINRA members.  Ingros submitted to findings that he borrowed money from customers, a violation of firm and industry rules.  The findings further stated that Ingros also engaged in outside business activities.

Jeff Ingros’ registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Jeff Ingros was registered with:

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Richard Crescenzo of Stony Brook, NY, formerly with Capital Securities Management of Melville, NY was suspended from association with any FINRA member for two years.  Crescenzo submitted to findings that he borrowed money from elderly customers, violations of firm and industry rules.  The findings further state that Crescenzo never informed his firm of the loans, and represented on his annual compliance questionnaire with the firm that he had not engaged in any loan transactions with customers.

Richard Crescenzo’s registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Richard Crescenzo was registered with:

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Christopher Burtraw of Lakewood, Colorado, formerly with JP Turner and Purshe, Kaplan, both of Lakewood, CO was barred from association with any FINRA member for borrowing money from customers, a violation of firm and industry rules.  The findings further state that Burtraw failed to provide FINRA documents and information during their investigation of the underlying regulatory matter.

Christopher Burtraw’s registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Christopher Burtraw  was registered with: