Centaurus Financial was ordered to pay $150,000 to an investor. In June, 2016, a three member FINRA arbitration panel sitting in Albuquerque, NM issued a $150,000 binding arbitration award against Centaurus Financial for the sale of illiquid, unsuitable investments. The underlying matter involved the sale of non-traded REITs, including Inland…
Royal Alliance ordered to pay investor $870,000. In January, 2015, a three member FINRA arbitration panel sitting in Los Angeles, CA issued an $870,000 binding arbitration award against Royal Alliance Associates for the sale of a variable universal life policy. The underlying matter involved the surrender of a Provident Mutual…
Cornerstone Wealth Management hit with FINRA award. In June, 2015, a three member FINRA arbitration panel sitting in San Diego, CA issued a $176,500 binding arbitration award against Cornerstone Wealth Management and Chris Meacham, which included $90,000 in punitive damages. The underlying matter involved an investment in Scripps Investment Mortgage…
Keith Bettex suspended. Keith Bettex, a registered representative from Apex, North Carolina formerly with Pruco Securities of Raleigh, NC was suspended from FINRA membership for violations of Rule 9552 FINRA Rule 9552. Failure to Provide Information or Keep Information Current This FINRA rule provides if a FINRA member fails to…
Finra suspends Dennis Van Patter. In January, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Dennis Van Patter of Little Elm, Texas, formerly registered with VSR Financial Services of Plano, TX submitted an acceptance, waiver and consent letter whereby he was suspended from association with any FINRA member in…
Finra bars Xavier Endress. In January, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Xavier Endress of Bloomfield Hills, MI, formerly registered with Merrill Lynch of Bloomfield Hills, MI submitted an acceptance, waiver and consent letter whereby he was barred from association with any FINRA member in any capacity..…
Finra bars Mark Ciriaco. In January, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Mark Ciriaco of Omaha, NE, formerly registered with Securian Financial Services of Omaha, NE submitted an acceptance, waiver and consent letter whereby he was barred from association with any FINRA member in any capacity.. The…
Finra bars Zachary Bader. In January, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Zachary Bader of West Babylon, NY formerly with National Securities Corp. and Craig Scott Capital submitted an acceptance, waiver and consent letter whereby he was barred from association with any FINRA member in any capacity.…
Finra fines Feltl and Company. In January, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Feltl and Company of Minneapolis, MN submitted an acceptance, waiver and consent letter regarding its failure to supervise its registered representatives in their trading of companies on the firm’s “watch list.” In agreeing to…
Finra suspends Tom Labeau. Tom Labeau, a registered representative from Canton, MI, formerly with Kalos Capital of Livonia, MI was suspended from FINRA membership for violations of Rule 9554. FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing…