Securities Lawyers Blog
The investment fraud attorneys at Gana Weinstein LLP have currently been investigating previously registered broker Bradley Tennison (Tennison). According to BrokerCheck Records kept by the Financial Industry Regulatory Authority (FINRA), Tennison was barred from the financial industry due to a customer complaint alleging Tennison’s selling away activities during his employment at Geneos Wealth Management Inc (Geneos Wealth). In addition, Tennison has been subject to two other customer disputes and termination from employment at two firms.
In January 2018, the customer alleged that in January 2016, Tennison recommended the client to wire $300,000 of her funds into “The Joseph Project” away from the member firm, with a promise of a 5% enhancement. Geneos Wealth had no record of such investment, and the customer never received any statements or return on the principal of the investment. Subsequently after, in April 2018, Geneos Wealth discharged Tennison from employment after failing to locate any record of investment and for being unable to retrieve information from Tennison regarding the investment. This complaint is currently still pending.
Shortly after, in July 2018, Tennison was barred from the financial industry for failing to show up to on-the-record testimony regarding the selling away allegations of “The Joseph Project” at Geneos Wealth. By failing to provide information and show up to the testimony, Tennison was in violation of FINRA Rules 8210 and 2010. Without admitting or denying the findings, Tennison consented to the sanction and to the entry of findings.
In addition, Tennison has been subject to two preceding customer disputes. In March 2010, a customer alleged that Tennison placed the customer into an unsuitable limited partnership investment. The case settled at $10,000.
Selling away occurs when a broker solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm. All FINRA member firms are obligated to properly monitor and supervise its employees so that brokers don’t recommend investments to clients in this fashion. In order to properly supervise their brokers, each firm is required to have procedures in order to monitor the activities of each advisor’s activities and interactions with the public.
Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct including selling away. In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Tennison entered the securities industry in 1989 and was registered with Geneos Wealth from August 2005 to April 2018. From March 2004 to August 2005, Tennison was registered with Oberlin Financial Corp. From September 2000 to April 2004, Tennison was registered with First Allied Securities, Inc. From January 1992 to October 2000, Tennison was registered wtih D.E. Frey & company, Inc. Tennison is currently not registered with any firm.
Investors who have suffered losses may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors in cases of selling away and firm’s failure to supervise. Our consultations are free of charge and the firm is only compensated if you recover.