Failure to Adequately Supervise Prompts FINRA Suspension of Roman Luckey

Ineffective supervision leads to FINRA suspension of financial services provider

Roman T. Luckey, formerly registered with Newport Coast Securities Inc., was fined $15,000 and also suspended for 14 months by the Financial Industry Regulatory Authority (FINRA) in August 2015 for failure to appropriately supervise his staff, who were taking advantage of clients by excessive trading, churning and making unsuitable financial recommendations.

The FINRA report maintains that Luckey failed to act on numerous obvious red flags concerning five of the financial representatives he supervised that impacted 24 client accounts between 2008 and 2013.

Luckey failed to take action to stop this misconduct and may have actually benefited financially from the excessive trading and churning. Failing to take meaningful action to ensure that his staff acted within the law put clients of Newport Coast Securities Inc. at significant financial risk. Other individuals (supervisors and brokers) from Newport Coast Securities Inc. are also alleged to have participated in this misconduct.

Prior to his career with Newport Coast Securities, Luckey was registered with C.K Cooper & Company, Inc., Wedbush Morgan Securities Inc., and Brookstreet Securities Corporation. Luckey is currently not registered with the FINRA.

FINRA Rule 3010 states that a brokerage firm is obligated to properly monitor and supervise its employees. This is a key component in keeping checks and balances in place within a securities firm to prevent unethical behavior, investment fraud and misconduct. This supervisory responsibility is an extremely important protective measure for clients in the investment business.

If you or someone you love has been the victim of any type of investor misconduct and have lost funds as a result of investor fraud, churning, excessive trading, a Ponzi scheme or other such unethical activity, you should consider taking legal action to recover some or all of your losses.

Silver Law Group currently represents several investors in securities arbitration claims against Newport Coast Securities for excessive trading, churning and unsuitable recommendations. Several of these cases involve former stockbroker Rushton Leigh Ardrey. Several investors allege that Mr. Leigh Ardrey traded their accounts without discretion, causing large losses.

As a leading national securities and investment fraud firm with more than two decades helping clients find justice and recover their losses, Silver Law Group has recovered over 70 million dollars in investment fraud cases and 45 million dollars in Ponzi scheme fraud resolution.

Being the victim of an investment scam of any kind is painful and extremely difficult. Our expert legal team understands this and can help you find a way to hold those responsible for the pain they have caused. Silver Law Group works on a contingency fee basis, so we only get paid for our work if we help you recover losses. Call 1-877-975-4345 today to have your case reviewed by one of our experienced securities arbitration attorneys.