Securities Fraud Lawyer Blog

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 any capacity for 45 days and fined $10,000. The FINRA complaint alleged that Van Patter improperly invested an undue portion of a client’s net worth in alternative investments such as REITs, oil and gas programs and other private securities.  FINRA found that this allocation was not suitable for Van Patter’s retired customer.

Registration and disciplinary history

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.. The FINRA complaint alleged that Endress engaged in an undisclosed outside business activity, and opened an account with Merrill in the name of a company he owned without disclosing this to the firm.  The findings also stated that the account was opened under a different reps name and number, and that Endress signed the other reps name to the account without the other reps knowledge.

Registration and disciplinary history

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 complaint alleged that Ciriaco improperly took $31,000 from a nonprofit organization and used the funds for his own personal benefit.  When confronted by the organization, Ciriaco, who was the treasurer, agreed to repay the funds. The organization then terminated its relationship with him.

Registration and disciplinary history

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. The FINRA complaint alleged that Bader engaged in excessive and unsuitable trading in client accounts in regards to exchange traded notes.  FINRA found that Bader failed to conduct his own due diligence into the notes, and did not have a reasonable basis to recommend it to his clients.

Registration and disciplinary history

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 the AWC, the firm was fined $50,000.

FINRA’s allegations against Feltl and Company concerned the trading in a company that approached Feltl for assistance with a corporate merger.  While Feltl placed the company on a watch list, FINRA contended that the firm did not properly supervise several registered representatives who traded shares of the company while corporate merger talks were underway.    FINRA found that the firm failed to properly investigate the trading to ensure compliance with the securities laws.

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 for Restitution

Tatyana Andreyeva suspended by FINRA.

Tatyana Andreyeva, a registered representative from Brooklyn, NY, formerly with John Carris Investments of Hoboken, NJ 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 for Restitution

Gene Smietana barred by FINRA.

Gene Smietana, a registered representative from Traverse City, MI formerly with LPL Financial, also of Traverse City  was suspended from FINRA membership for violations of Rule 9552

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

Brett McCullough barred by FINRA.

Brett McCullough, a registered representative from Baton Rouge, LA formerly with Hancock Investment Services of Baton Rouge was suspended from FINRA membership for violations of Rule 9552

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