Articles Posted in Disciplinary Actions

Thomas Hayes, former broker with Bosc sued by Bernalillo County over bond portfolio losses.

On November 20, 2014 the state of New Mexico’s Securities Division issued an opinion and notice of contemplated action against Thomas Hayes, a former registered representative with Bosc, Inc., as well as Bosc, Inc.  for making unsuitable investment recommendations on behalf of the Bernalillo County Treasurer’s office.

The Securities Divisions’ complaint stems from an investigation into portfolio losses suffered by Bernalillo County via its investments in Fannie Mae and Freddie Mac bonds.  The investigation found that the portfolio constructed by Hayes exposed the county to significant risk, far outweighing any potential gains expected to be realized. In order to mitigate the risk, the county sold the portfolio and incurred a $16 million loss

John Waszolek charged by Arizona Corporation Commissioner.

On July 8, 2016 the Corporation Commissioner for the state of Arizona, acting through the Securities Division charged John Waszolek, a former registered representative with Morgan Stanley and Raymond James with violations of the Securities Act of Arizona, specifically section 44-1801.

The Securities Divisions’ complaint stems from an underlying FINRA Enforcement proceeding that found that Waszolek took advantage of an elderly client by having the client appoint Waszolek as a successor trustee and beneficiary of a lucrative trust, despite knowing of the client’s declining mental condition and lack of capacity.

Lance Shaw barred by FINRA.

Lance Shaw, a registered representative from Haverford, PA formerly with LPL Financial of Wynnewood, PA  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

FINRA suspends Warren Rockmacher.

Warren Rockmacher, a registered representative from Trumbull, CT formerly with Investacorp was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

John Pemberton suspended.

John Pemberton, a registered representative from Overland Park, Kansas, formerly with Ameriprise Financial also of Overland Park was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

FINRA suspends Pedro Astacio.

Pedro Astacio, a registered representative from Orlando, FL formerly with Wells Fargo Advisors of Apopka, FL  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Finra suspends Kola Lulgjuraj.

Kola Lulgjuraj, a registered representative from Fishers, Indiana, formerly with J.P. Morgan Securities of Noblesville, IN  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Bingyi Hu suspended by FINRA.

Bingyi Hu, a registered representative from Miami, FL formerly with National Securities Corp. of Seattle, WA  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Ben Halali suspended.

Ben Halali, a registered representative from Morgan Hill, CA formerly with Allstate Financial and MML Investors Services, both of San Jose, CA  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

Assan Faal suspended by FINRA.

Assan Faal, a registered representative from Desplaines, Illinois formerly with Stifel Nicolaus and Sterne Agee  was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current