Securities Arbitration Lawyers BlogFailure 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.