In January 2017, former JP Morgan broker Sam Campos was barred by FINRA for violating Rule 9552.
Sam Campos, a registered representative from Forney, Texas, formerly with JP Morgan Securities was suspended from FINRA membership for violations of Rule 9552
January, 2017: FINRA announces Debbie Sue Arnold Barred for violating FINRA Rule 9552
Debbie Sue Arnold, a registered representative from Albany, Ohio, formerly with Farmers Financial Solutions was suspended from FINRA membership for violations of Rule 9552
Robert Estevez suspended by FINRA
In September, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Robert Estevez of Greenwich, CT, a registered representative with Joseph Gunnar and Company submitted an acceptance, waiver and consent letter whereby he was suspended from association with any FINRA member in any capacity for two months and ordered to pay a fine of $20,000. The FINRA complaint asserted that Robert Estevez recommended steepeners to his clients, which are highly complicated synthetic investment products that attempt to measure and profit from the difference between long term and short term interest rates.
The market for steepeners is illiquid, making their use unsuitable for most customers. FINRA found that Estevez recommended a short term trading strategy using steepeners, which, given their illiquid nature, resulted in losses when the clients were unable to recoup their original purchase price.
Joey Broussard barred by FINRA
In November, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Joey Broussard of Princeton, Texas, a registered representative formerly with Source Capital Group and Red River Securities was barred from association with any FINRA member in any capacity. The FINRA findings stated that a customer to whom Broussard had sold a limited partnership interest submitted a letter attempting to cancel the transaction. Broussard, without the customer’s knowledge or permission, then submitted a letter cancelling the recission request, forging the customer’s signature in the process.
Registration and disciplinary history
Barbara Bottoms fined and suspended by FINRA
In November, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Barbara Bottoms of North Pole Alaska, a registered representative formerly with Wells Fargo Advisors submitted an acceptance, waiver and consent letter whereby he was suspended from association with any FINRA member in any capacity for two years months and ordered to pay a fine of $17,500. The FINRA complaint asserted that Barbara Bottoms engaged in unauthorized mutual fund transactions in her clients’ accounts. FINRA also found that Bottoms improperly took client information home with her which resulted in confidential information being held in an unsecure location.
Registration and disciplinary history
Jay Chitnis barred by FINRA
In November, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Jay Chitnis of Atlanta, Georgia, a registered representative formerly with Yieldquest Securities and IFS Securities submitted an acceptance, waiver and consent letter whereby he was barred from association with any FINRA member in any capacity. The FINRA complaint asserted that Jay Chitnis participated in a series of fraudulent municipal bond transactions that resulted in him and his firm receiving nearly seven hundred thousand dollars. FINRA found that Chitnis oversaw a fictitious trading scheme that involved making numerous unauthorized transactions in his customer accounts, which resulted in the clearing firm improperly crediting the firm hundreds of thousands of dollars, which have never been returned.
Registration and disciplinary history
FINRA charges Hank Werner of Legend Securities.
In a complaint filed by the FINRA Department of Enforcement in October, 2016 Hank Werner of Northport, NY, a former registered representative with Legend Securities was named as a Respondent in a complaint charging him with churning an elderly widow’s account over three years, generating over two hundred thousand dollars in commissions.
The allegations include that Werner excessively traded an elderly, blind widow’s account without regard to her investment objectives or risk tolerances or her ability to bear the loss of the funds. As a result of the improper recommendations the customer sustained losses of over $180,000.
FINRA suspends former UBS, Morgan Stanley broker Lance Slater.
Lance Slater, a registered representative from Marlton, NJ formerly with UBS Financial Services and Morgan Stanley was suspended from FINRA membership for violations of Rule 9554. He has subsequently been barred by FINRA.
FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution
FINRA suspends Encinitas, CA broker Derek Miller.
Derek Miller, a registered representative from Encinitas, CA formerly with Securities America and Cambridge Investment Research was suspended from FINRA membership for violations of Rule 9554. He has subsequently been barred by FINRA.
FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution
Sugar Land UBS broker David Lavine barred by FINRA.
David Lavine, a registered representative from Sugar Land, TX, formerly with UBS Financial Services was suspended from FINRA membership for violations of Rule 9554. He has subsequently been barred by FINRA.
FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution
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