The Financial Industry Regulatory Authority (FINRA) recently barred broker Robert Acri (Acri) concerning allegations that in December 2013, and January 2014, Acri failed to fully respond to a Rule 8210 request for documents and information concerning Acri’s sale of alternative investments and promissory notes. Acri first entered the securities industry…
The Financial Industry Regulatory Authority (FINRA) announced approval of amendments to FINRA’s supervision rule that would expand the obligations of brokerage firms to check the background of applicant brokers upon registration. The rule would encompass first-time applications as well as transfers between firms and require the brokerage firm to verify…
The Financial Industry Regulatory Authority (FINRA) sanctioned broker Marylin T. Meyers (Myers) $20,000 and barred her for two years concerning allegations between September 2009, and February 2011, she participated in a series of private securities transactions totaling approximately $1,000,000 without notifying her firm, Allstate Financial Services, LLC (Allstate) or obtaining…
The law offices of Gana Weinstein LLP recently filed a complaint with the Financial Industry Regulatory Authority (FINRA) on behalf of a former NFL athlete alleging that the brokerage firm Resource Horizons Group LLC (Resource Horizons) failed to supervise Robert Gist (Gist), one of the firm’s associated persons. The claimant…
The Financial Industry Regulatory Authority (FINRA) sanctioned broker Center Street Securities, Inc. (Center Street) concerning allegations that the firm failed to establish, maintain, and enforce adequate supervisory systems and written supervisory procedures to monitor the use of external email accounts to conduct firm-related business by the firm’s registered representatives. The…
The Financial Industry Regulatory Authority (FINRA) sanctioned brokerage firm Cambridge Investment Research, Inc. concerning allegations that from January 2009, to July 2010, Cambridge failed to ensure that the firm preserved, maintained, and reviewed the business emails of two of its registered representatives. FINRA found that during this time Cambridge was…
Broker Donald R. Dahn (Dahn) has been barred by the Financial Industry Regulatory Authority (FINRA) concerning allegations that he privately borrowed money from at least two customers, an act constituting securities fraud, while being a registered representative of Mutual Service Corporation (MSC) and LPL Financial LLC (LPL). Dahn entered the…
The Financial Industry Regulatory Authority (FINRA) has filed a complaint against broker Jamie Diaz (Diaz) concerning allegations that form December 2009, through November 2011, Diaz engaged in securities fraud through deceptive and manipulative devices to convert approximately $850,000 from four customers. FINRA alleges that Diaz also converted $50,000 from a…
The Division of Law of the New Jersey Bureau of Securities has filed suit and taken administrative action against George J. Bussanich, 55, of Park Ridge and his son, George Bussanich, 34, of Upper Saddle River alleging they engaged in securities fraud in connection with sales to 26 New Jersey…
The Financial Industry Regulatory Authority (FINRA) recently sanctioned Bedminster Financial Group, Ltd. (BFG) and Robert M. Van Pelt (Van Pelt). FINRA alleged that at least four representatives of BFG used non-BFG email accounts for securities related communications to the public, customers and prospective customers and that Van Pelt failed to…