Securities Lawyers Blog
The investment lawyers of Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against Kenneth Savino (Savino).
According to BrokerCheck records, Savino allegedly purchased shares of a security for $100,000 without providing prior notice to his member firm and Savino inaccurately indicated on an annual compliance questionnaire that he had not participated in any private securities transactions. Savino was suspended for 15 days and fined $5,000. Without admitting or denying the findings, Savino consented to the sanctions and the entry of findings.
Savino was discharged from LPL Financial in October 2015 for allegedly entering into a loan transaction with another company, receiving shares of the company in return, with no pre-approval by the firm. Additionally, Savino allegedly made private securities transaction that he did not have pre-approved by the firm. Savino also allegedly introduced a client to a potential outside investment opportunity that was not approved by the firm.