Securities Arbitration Lawyers BlogAfter FINRA’s Ruling, Joel Weiner has been Permanently Barred from the Securities Industry
The Boynton Beach broker is alleged to have profited from unsuitable investment recommendations
Joel Weiner is no longer allowed to act as a broker as of December of 2016. It was then that the Financial Industry Regulatory Authority (FINRA) decided to permanently bar him due to serious allegations involving the solicitation of millions of dollars from a client.
FINRA reported that Weiner recommended that his client invest in an outside business that was owned by a representative of his firm, whom Weiner supervised. The business provided loans to small businesses, and the client ended up issuing $2.6 million in loans over several years. Weiner is reported to have earned about $65,000 in finder’s fees as the result of these transactions. In 2014, the business stopped providing loans and asked for repayment of all outstanding loans, but by February of 2015, only half of them had been repaid.