Coker & Palmer

The Financial Industry Regulatory Authority (FINRA) recently sanctioned broker Michael A. Barina (Barina) over allegations that Barina failed to conduct reasonable due diligence into the offering a private placement security. In addition, FINRA alleged that the broker commingled certain funds.

Barina first became registered with FINRA in 1999. Barina was registered from November 13, 2009, through November 14, 2011, with Coker & Palmer, Inc. (Coker & Palmer). In November 2011, Barina became registered with Aegis Capital Corp. until May 2013. Thereafter, Barina was registered with Merrimac Corporate Securities, Inc. until October 2013.

Brokerage firms and brokers are responsible for conducting due diligence on all securities recommended by a broker. The due diligence requirement is heightened where the investment recommendation is a private placement offering or other type of non-public offering where there is no public information available and brokerage firm is acting as the underwriter of the securities.

Jonathan G. Sorensen (Sorensen) has been barred by the Financial Industry Regulatory Authority (FINRA) after he failed to respond to the agency’s inquiries concerning an investigation concerning the possible misuse of customer funds in his management of limited partnership investment fund.

Sorensen first became registered with FINRA on September 9, 2005. Since that time he was registered until April 4, 2013, with Coker & Palmer, Inc. (Coker & Palmer). According to public records, Sorensen is also a managing member of Higher Standard Insurance and Faith Terrace Holdings, LLC, a purported real estate company.

On April 5, 2013, FINRA staff requested that Sorensen appear for an interview on April 12, 2013. The agency sought information from Sorensen as part of an investigation into his management of a limited partnership investment fund while associated with Coker & Palmer. It was alleged that Sorensen had converted or misused investor funds and falsified documents in connection with his management of the partnership fund.

Articles Tagged with Coker & Palmer

Coker & Palmer Broker Sanctioned Over Allegations of Failure to Conduct Due Diligence on Private Placement Offering

Jonathan G. Sorensen Barred Financial Industry Over Alleged Misuse of Customer Funds