FINRA fines Fenix Securities In December, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Fenix Securities of New York, NY submitted an acceptance, waiver and consent letter regarding its failure to register foreign associates prior to their placing orders on behalf of customers. As a result the firm was…
FINRA fines Houlihan Capital. In December, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Houlihan Capital of Chicago, IL submitted an acceptance, waiver and consent letter regarding its participation in a five million dollar private placement of securities. The firm was censured and fined $25,000. FINRA’s allegations against Houlihan…
Michael Quiles of LPL Financial was suspended by FINRA. Michael Quiles, a registered representative from Commack, NY, formerly with LPL Financial, Metlife Securities and AXA Advisors was suspended from FINRA membership. In February, 2016 he was discharged from LPL after receiving a loan from a non client, a violation of…
Neil Pecker, a registered representative from Longwood, Florida, formerly with Vision Financial Partners, Coastal Equities and Westpark Capital was barred from FINRA membership as a result of refusing to cooperate with a FINRA investigation. Previously, Pecker had been charged by the CFTC with making false and materially misleading statements to…
William Swayne II was suspended by the CFP Board after an investigation into TIC sales. In April, 2017 the Certified Financial Planner Board’s Commission of Discipline and Ethics announced the discipline of Independent Financial Group’s William Swayne II and issued a one year suspension. While under the interim suspension, Swayne…
Thomas Andrews, a registered representative from California, formerly from Nephi, Utah, and previously registered with LPL Financial was barred from FINRA as a result of allegations he defrauded over twenty clients in a scam he called “the Lincoln” and “the Jackson Trust.” Accroding to a complaint filed by the SEC,…
Chris Cervino was barred by FINRA and the SEC over VGTL transactions Chris Cervino, a registered representative from Franklin Lakes, New Jersey, formerly with Primary Capital, Cor Clearing and Wilson-Davis Co. was barred from FINRA membership as a result of SEC proceedings into his role in manipulating the market for…
Abida Khan, aka Sheik Firdosh Kahn a registered representative from Pasadena, California, formerly with Ameritas Investment Corporation and Pruco Securities was barred from FINRA membership as a result of SEC proceedings into her role in brokering transactions in VGTL. According to the SEC, Khan received bribes from the seller of…
FINRA barred Nick Shermeta over his role in penny stock transactions. Criminal charges for aiding and abetting wire fraud are pending as of March, 2017. Nick Shermeta, a registered representative from Minnetonka, Minnesota, formerly with Northland Securities and Feltl & Company was barred from FINRA membership as a result of…
FINRA suspended and barred rep Brian Kennison. Brian Kennison, a registered representative from Portland, Oregon, formerly with U.S. Bancorp Investments was barred from FINRA membership as a result of refusing to cooperate with a FINRA investigation. In July, 2016 he was discharged from US Bancorp based on allegations that he…