In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that John Shockey of Shreveport, LA, formerly with Merrill Lynch, J.P. Turner and Summit Brokerage Services, all out of Shreveport, LA was suspended from association with any FINRA member for one year and ordered to pay $70,000. Shockey submitted to findings that he engaged in private securities transactions with members of the firm by selling some of his own personal shares and directing clients to the third party seller of securities. The total dollar amount of the shares sold that were attributed to Shockey is over $630,000. According to FINRA, the transactions were in shares of Miami International Holdings, Inc., parent company of the MIAX Options Exchange. According to the regulatory complaint, the sale of the Miami International Holdings securities constituted a violation of the registration provision of the federal securities laws as no registration statement had been filed, and no exemptions applied to the transactions.
John Shockey’s registration and disciplinary history
In order to lawfully sell investments to the public, a registered rep must either be registered or exempt from registration. John Shockey was registered with:
According to FINRA’s CRD disclosure report, John Shockey has been the subject of one regulatory investigation.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.