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Articles Posted in Churning

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SEC Finds That Former JP Turner Broker Dimitrios Koutsoubos Engaged In Churning

The Securities and Exchange Commission (SEC) recently found that broker Dimitrios Koutsoubos (Koutsoubos) churned the brokerage account of Teddy Bryant (Bryant).  The SEC’s decision ordered Koutsoubos to: (1) cease and desist from committing fraud; (2) be barred from association with a broker, dealer, investment adviser, (3) disgorge $30,000 plus prejudgment…

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SEC Order Finds That Former JP Turner Broker Jason Konner Engaged In Churning

The Securities and Exchange Commission (SEC) recently found that broker Jason Konner (Konner) churned the brokerage account of James Carlson (Carlson).  The SEC decision ordered Konner to: (1) cease and desist from committing fraud; (2) be barred from association with a broker, dealer, investment adviser, (3) disgorge $55,000 plus prejudgment…

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SEC Finds that Former JP Turner Broker Ralph Calabro Churned A Client’s Account

The Securities and Exchange Commission (SEC) recently found that broker Ralph Calabro (Calabro) churned the brokerage account of Dudley Williams (Williams).  The SEC decision ordered Calabro to: (1) cease and desist from committing fraud in violation of Section 17(a) of the Securities Act of 1933 (Securities Act) and Section 10(b)…

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Broker James Tallant Suspended Over Allegations of Excessive Trading and Quantitative Unsuitable Investments

The Financial Industry Regulatory Authority (FINRA) suspended broker James Glenn Tallant (Tallant) for three months and fined him $15,000 including the disgorgement of $8,560.44 in commissions.  FINRA alleged that Tallant exercised discretionary trading authority without written authorization in four securities accounts in violation of NASD Conduct Rule 2510(b) and FINRA…

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FINRA Arbitration Panel Awards BBVA Securities’ Investors $1.2 Million

The Financial Industry Regulatory Authority (FINRA) Arbitration Panel has awarded damages to investors in the amount of $1.2 million in compensatory damages and cost of fees associated with the arbitration. The alleged claim was asserted against BBVA Securities of Puerto Rico, Inc. (BBVA Securities) and employees of the brokerage firm. BBVA Securities is…

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FINRA Bars Broker Mark Hotton Alleging Numerous Fraudulent Activities in Client Accounts

The Financial Industry Regulatory Authority (FINRA) has permanently barred broker Mark Christopher Hotton (Hotton) alleging that the broker engaged in numerous and repeated frauds including forgery, falsification of documents, conversion, misuse of funds, manipulating account records, churning, unauthorized trading, false testimony, and providing false information and documents to FINRA. FINRA…

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FINRA Suspends Broker Anthony Mediate for 60 Days Over Allegations of Excessive Trading (Churning) and Unauthorized Trading

The Financial Industry Regulatory Authority (FINRA) suspended broker Anthony Mediate (Mediate) for 60 days concerning allegations of excessive trading (churning) and unauthorized trading.  “Churning” is excessive investment trading activity that serves little useful purpose or is inconsistent with the investor’s objectives and is conducted solely to generate commissions for the…

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FINRA Bars Broker Over Allegations of Churning (Excessive Trading) and Unauthorized Trading in Customer Accounts

The Financial Industry Regulatory Authority (FINRA) has barred Chad David Kelly (Kelly) concerning allegations of churning (excessive trading) and unauthorized trading.  “Churning” is excessive investment trading activity that serves little useful purpose or is inconsistent with the investor’s objectives and is conducted solely to generate commissions for the broker.  Churning…

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David Mura Accused of Selling Unregistered Securities and Churning

David Mura was recently barred by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) over allegations concerning the sale of unregistered securities away from his associated brokerage firm. From September 2002 through April 2011, Mura was a registered representative and branch office manager with J.P.…

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Eric Foster Accused of Unauthorized Trading and Churning Customer Accounts

In April 2013, the Financial Industry Regulatory Authority (FINRA) requested that Eric Foster (Foster) provide information concerning possible securities laws violations.  By July 2013, Foster failed to respond to FINRA’s requests and imposed a permanent bar from the securities industry. The FINRA bar isn’t the first time Foster has been…

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