Articles Tagged with Financial Services

Broker’s securities industry career is tainted with allegations, suspensions, and sanctions.

For a second time in his 25-year securities industry career, Bailey has been suspended from acting as a broker or otherwise associating with firms that sell securities to the public. This most recent suspension in November 2015 is due to Bailey’s failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. According to FINRA records, Bailey was employed by Next Financial until 2008.

Bailey’s first FINRA suspension took place in September 2010 and involved allegations that Bailey made fraudulent and unsuitable mutual fund and variable annuity switch recommendations to retired and unsophisticated customers with little or no economic benefit to the customers. It was also alleged that Bailey failed to disclose key facts about investment choices, made investment trades without consulting his clients, and failed to disclose potential sales charges that ultimately cost his customers over $90,000.00 in unnecessary costs. At the same time, Bailey derived approximately $105,000.00 in commissions from these transactions.