The Financial Industry Regulatory Authority (FINRA) sanctioned broker Douglas Campbell Jr. (Campbell) concerning allegations that between May 2008 and September 2008, while registered with Wedbush Morgan Securities, Inc. (Wedbush), he engaged in unsuitable trading a customer’s account by recommending purchases of three speculative private placement investments that were not consistent…
The Financial Industry Regulatory Authority (FINRA) recently brought a complaint against Source Capital Group, Inc. (Source Capital) broker Donald Saccomano (Saccomano) alleging misconduct in connection with suitability, false representation, and failure to supervise claims relating to Direct Participation Products, limited partnerships, and municipal debt securities. FINRA has not released detailed…
This article continues our prior post concerning The Financial Industry Regulatory Authority (FINRA) recent sanctions of brokerage firm WFG Investments, Inc. (WFG) alleging a host of supervisory failures from March 2007, through January 2014. In one supervisory failure example involving suitability, FINRA found that between 2009, and 2013, a broker…
The Financial Industry Regulatory Authority (FINRA) recently sanctioned brokerage firm WFG Investments, Inc. (WFG) alleging a host of supervisory failures from March 2007, through January 2014. FINRA alleged that WFG failed to commit the necessary time, attention, and resources to critical regulatory obligations in supervising registered representatives including: (1) failure…
A strengthening dollar and increased global supply of oil has sent crude oil prices tumbling in the second half of 2014. Recently, crude futures for delivery in February 2015 fell to $52.69 a barrel, the lowest finish since April 2009. Some experts are saying that if production volume continues to…
The Financial Industry Regulatory Authority (FINRA) recently filed a complaint against former Source Capital Group, Inc. (Source Capital) broker Joseph Hooper (Hooper) alleging that Hooper was serving as the Director of Investor Relations for a company called the iPractice Group, Inc. (iPractice) and that in such capacity, Hooper participated in…
The Financial Industry Regulatory Authority (FINRA) in an acceptance, waiver, and consent action (AWC) sanctioned Arque Capital, Ltd. (Arque) concerning allegations that since 2011 Arque has acted as the managing broker-dealer for an alternative investment – GWG Renewable Secured Debentures (the Debentures) offered by GWG Holdings, Inc, In that capacity…
The Financial Industry Regulatory Authority (FINRA) recently filed a complaint against LPL Financial LLC (LPL) broker Jon Cox (Cox) alleging that Cox may have engaged in unauthorized outside business activities, private securities transactions (a/k/a “selling away”), and/or unauthorized customer loans. According to Cox’s BrokerCheck, Cox was terminated in January 2014…
The Financial Industry Regulatory Authority (FINRA) recently barred former Aegis Capital Corp. (Aegis) broker Malcom Segal (Segal) alleging that Segal may have engaged in unauthorized transfers of funds from customer accounts to an outside business activities (a/k/a “selling away”). According to Segal’s BrokerCheck, Segal was registered with Cumberland Brokerage Corporation…
This article continues to opine on an InvestmentNews article, describing the Securities and Exchange Commission’s (SEC) revisiting the accredited investor standard that determines who is eligible to invest in private placements. It is the opinion of this securities attorney who has represented hundreds of cases involving investors in private placement…