Former Dynasty Capital Partners broker ends 15-year career with numerous customer disputes.
After 17 years as a financial adviser, Raymond T. Clark has been permanently barred from the securities industry. This permanent bar follows Clark’s failure to pay fines and/or costs associated with a FINRA complaint. The complaint also alleges that Clark failed to appear for, or provide on-the-record testimony that materially impeded the agency’s investigation of his activities as a broker, including numerous acts of broker misconduct. In fact, through the years, allegations made by customers against Clark include:
- Excessive and unauthorized trading
- Fraud
- Churning (excessive trading within a customer account to generate commissions without regard to customer’s best interest)
- Unsuitability
- Misrepresentation
- Breach of fiduciary duty
- Negligence
In 2014, a hearing panel decision by FINRA determined that the allegations were valid and as a result, Clark was:
1. Suspended for three months and fined $6,000 for violating FINRA rules and using his personal email account to communicate with a customer
2. Suspended for four months and fined $10,000 for violating FINRA rules and making false statements to his firm
3. Suspended for two months and fined $4,000 for violating FINRA rules and failing to report a customer complaint to his firm
4. Suspended for an additional three months and ordered to required to take the requalification exam as a general securities representative and principal
All suspensions ran consecutively.
Previously in 2011, Clark faced a two-month suspension and paid a $5,000 fine for failure to follow firm policy regarding the use of his personal email account to conduct firm business and failure to disclose such use to the firm.
Such misconduct by a financial adviser comes at great cost to investors. Fortunately, investors have rights in these situations and may potentially recover financial losses incurred at the hands of bad brokers. With the help of a skilled securities arbitration attorney, investors can explore their rights and better understand their options.
The experienced securities arbitration attorneys at Silver Law Group represent investors nationwide and have a proven track record of success.