Articles Posted in FINRA

As Americans get older, FINRA regulations hope to prevent many people from becoming victims of investment fraud Nearly 20% of all Americans 65 and older have, at one time or another, become the victim of elder financial fraud – and with this age group one of the most rapidly-growing segments…

Allegations of borrowing from a customer and potential elder financial fraud caused LPL Financial to discharge Stapp after almost 20 years of employment Midland, Texas-based broker Larry Stapp allegedly borrowed $200,000 from an LPL Financial LLC customer, according to the Financial Industry Regulatory Authority (FINRA). Stapp also reportedly falsely stated…

The former Morgan Stanley broker is reported to have convinced clients to invest in his own real estate deal After numerous customer complaints, the Financial Industry Regulatory Authority (FINRA) began an investigation into the actions of broker Brian Sak. FINRA reported that he recommended to several clients that they invest…

The New York broker was accused of churning an elderly customer’s account Anthony Mastroianni is no longer allowed to act as a broker. Due to allegations against him concerning excessive trading and borrowing client funds, the Financial Industry Regulatory Authority (FINRA) requested that he appear for on-the-record testimony. Because he…

FINRA permanently barred the broker after he admitted to theft from an elderly client and failed to respond to information requests In January of 2012, Raul Jacobs began working as a broker for MetLife Securities Inc. out of Orland Park, IL. But just three years later, his career came to…

The sanctions resulted after allegations of unsuitable investments for an elderly client In December of 2016, allegations surfaced claiming that broker Scott Goldman recommended an unsuitable investment strategy to an elderly customer. When the Financial Industry Regulatory Authority (FINRA) investigated, the agency fined Goldman $10,000 and suspended him for 20…

Allegations of failing to disclose pertinent tax information led to the sanctions against the former First Standard Financial and Phoenix Financial Services broker As of November 2016, Francesco Scarso, formerly with First Standard Financial Company LLC and Phoenix (PHX) Financial Services, is no longer allowed to act as a broker.…

Allegations include non-disclosure, false statements, and being named executor of an elderly client’s estate William Stephen Smith, a broker with nearly 30 years of professional experience, was fined $10,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA). It’s reported that Smith didn’t disclose that he had…

Jacobson was sanctioned for failing to supervise a broker who is accused of executing unsuitable investments for elderly clients The Financial Industry Regulatory Authority (FINRA) suspended Minnesota broker Jeffrey Jacobson for 15 days ending on December 12th, 2016 and fined him $7,500. Jacobson is alleged to have failed to adequately…

The Parsippany, New Jersey broker was also hit with a $10,000 fine Up until recently, Rembert McNeer had a clean record with the Financial Industry Regulatory Authority (FINRA). A broker for over 30 years, McNeer worked for three firms: E.F. Hutton & Company Inc.; G.A. Michele, Inc. in New York…