Christopher Cervino barred by FINRA
Christopher Cervino, a registered representative from Franklin Lakes, NJ formerly with Primary Capital of NY, NY was suspended from FINRA membership for violations of Rule 9552
Francisco Camacho barred by FINRA
Francisco Camacho, a registered representative from Cathedral City, CA formerly with J.P, Morgan Securities of Rancho Mirage, CA was barred from FINRA membership for violations of Rule 9552
Chris Ariola charged by FINRA.
In a complaint filed by the FINRA Department of Enforcement in July, 2016 Chris Ariola of Santa Monica, CA, a former registered representative with Bay Mutual Financial and Financial Telesis was named as a Respondent in a complaint charging him with making unsuitable recommendations to elderly customers.
The allegations include that Ariola improperly concentrated his clients’ accounts in shares of gold and energy stocks without regard to their risk tolerances or their ability to bear the loss of the funds. As a result of the improper recommendations the customers sustained losses of nearly $150,000.
Adam Estes suspended by FINRA
In September, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Adam Estes of Bloomington, Indiana, a registered representative formerly with JJB Hilliard submitted an acceptance, waiver and consent letter whereby he was suspended from association with any FINRA member in any capacity for fifteen months and fined $15,000. The FINRA complaint asserted that Adam Estes participated in over one million dollars of private securities transactions away from the firm, without obtaining permission from JJB Hilliard. FINRA also found that Estes made misrepresentations and omissions to JJB Hilliard regarding his involvement in the private securities transactions on the firm’s annual compliance questionnaires.
Registration and disciplinary history
Jonathan Casiano barred by FINRA
In September, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Jonathan Casiano of Mansfield, Texas, a registered representative formerly with J.P. Morgan Securities of Arlington, Texas 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 Jonathan Casiano improperly caused debit cards to be issued on the accounts of bank customers and had friends and family members use the cards to make unauthorized withdrawals from the accounts
Registration and disciplinary history
FINRA suspends Thomas Brenner over private securities transactions.
In September, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Thomas Brenner of Orrville, Ohio, a registered representative formerly with First American Securities submitted an acceptance, waiver and consent letter whereby he was suspended from association with any FINRA member in any capacity for sixteen months and ordered to pay nearly $200,000. The FINRA complaint asserted that Thomas Brenner participated in two private securities transactions away from the firm, without obtaining permission from First American Securities. FINRA found that Thomas Brenner participated in two separate private securities offerings, one involving notes from a medical receivables company. FINRA found that Brenner’s statements to the investors were not fair and balanced, and contained misleading exaggerated and unwarranted representations.
Registration and disciplinary history
FINRA suspends former LPL broker Michael Barranco
In September, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Michael Barranco of Montgomery, Alabama, a registered representative formerly with LPL Financial submitted an acceptance, waiver and consent letter whereby he was suspended from association with any FINRA member in any capacity for two years and fined $20,000. The FINRA complaint asserted that Michael Barranco participated in three separate private securities transactions away from the firm, without obtaining permission from LPL in advance. FINRA found that Michael Barranco engaged in nearly 40 private securities transactions between 2010-2015, many involving 13% notes issued by private companies
Registration and disciplinary history
FINRA fines Pro Equities $200,000.
In October, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Pro Equities of Birmingham, AL submitted an acceptance, waiver and consent letter regarding its failure to supervise sales of non-traditional exchange traded funds (ETFs). The firm was fined $200,000 by FINRA.
FINRA’s allegations against Pro Equities concerned the firm’s failure to establish, implement and maintain an adequate supervisory system to oversee the firm’s sales of ETFs to customers. The AWC stated that the firm did not have a supervisory system in place to gauge suitability or to supervise the recommendations of these non-traditional ETFs, and failed to provide training to its registered representatives on the risks and unique characteristics of the ETFs.
FINRA charges Neal Moon over Boxx Technologies sales
In a complaint filed by the FINRA Department of Enforcement in July, 2016 Neal Moon of Dallas Texas, a former registered representative with Waddell & Reed was charged with participating in over two and a half million dollars of private securities transactions involving Boxx Technologies without providing notice to Waddell & Reed. The allegations include that Moon initially mislead Waddell & Reed’s investigators when they questioned him about the private securities transactions, then later recanted. Moon’s wife Natalie Fogiel Moon was also charged in the FINRA complaint.
The claim filed by FINRA is not final, and until the allegations have been proven in a court of law, no adverse inferences should be drawn.
FINRA charges David Braeger of Rubicon Capital
In a complaint filed by the FINRA Department of Enforcement in July, 2016 David Braeger of Bayside, Wisconsin was charged with misusing customer funds and failing to return funds to the customers. The allegations include charges that the Barager misused customer funds intended for an investment in his Rubicon Capital Appreciation Fund. According to the complaint, Braeger took $30,000 from the customers and failed to return the funds, despite the fact that he had closed Rubicon Capital. He also represented that Rubicon Capital had been performing soundly, and even provided the customers with statements showing the funds had been invested as initially represented.
The claim filed by FINRA is not final, and until the allegations have been proven in a court of law, no adverse inferences should be drawn.
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