Articles Posted in FINRA Enforcement Actions 2011

FINRA Unsuitable Transaction Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: Richard Harold Byerly (CRD #848070, Registered Representative, Chester Springs, Pennsylvania) submitted an Offer of Settlement in which he was suspended from association with any FINRA member in any capacity for two years and ordered to pay $30,000 in partial restitution to customers. In light…

FINRA Churning and Unauthorized Transaction Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: Vishal Birsingh (CRD #4420546, Registered Principal, New Hampton, New York) submitted a Letter of Acceptance, Waiver and Consent in which he was suspended from association with any FINRA member in any capacity for one year. In light of Birsingh’s financial status, no…

FINRA Outside Business and Negligent Supervision Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: Scott J. Baklenko (CRD #4632949, Registered Representative, Seattle, Washington) The findings stated that Baklenko and the business associate opened an account with another member firm in their entity’s name; Baklenko failed to notify his member firm in writing that he had…

FINRA Theft and Unauthorized Use of Customer Funds Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: Devin Raj Anand (CRD #5160369, Registered Representative, Calabasas, California) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Anand converted customer funds by wiring funds totaling $51,289 from the customer’s…

FINRA Mutual Fund and Negligent Supervision Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: Veritrust Financial, LLC (CRD #106594, Austin, Texas) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $90,000 and ordered to pay $34,105.40, plus interest, in restitution to customers. Without admitting or denying the findings, the…

FINRA Auction Rate Securities Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: Fidelity Brokerage Services LLC (CRD #7784, Smithfield, Rhode Island) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $375,000, and agreed to make an offer to repurchase illiquid auction rate securities (ARS) from certain customers who purchased…

FINRA Arbitration Unapproved Outside Business Activity and Failure to Supervise Attorney, Russell L. Forkey, Esq. September, 2011: Thomas Michael Aretz (CRD #1083897, Registered Representative, Destin, Florida) was barred from association with any FINRA member in any capacity and ordered to pay $251,907, plus interest, in restitution to customers. The sanctions were based on findings that…

CMO FINRA Arbitration Fraud, Misrepresentation, Negligent Supervision Attorney, Russell L. Forkey, Esq. September, 2011: Investors Capital Corp. (CRD #30613, Lynnfield, Mass) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $200,000 and consented to undertake a comprehensive review of its policies and procedures concerning suitability of CMOs, and the…

FINRA Fraudulent Cold-Calling Arbitration Attorney, Russell L. Forkey, Esq. September, 2011: iTRADEdirect.com Corp. (CRD® #18281, Boca Raton, Florida) was expelled from FINRA® membership. The sanction was based on findings that the firm’s registered representatives cold-called potential customers from a boiler room, opened accounts for people who never agreed to be firm customers and made unauthorized…

Fraud, Misrepresentation, Theft, Mismanagement, and Negligent Supervision FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq. is available for a free consultation if you have suffered investment losses relative to any of the matters set forth below: Periodically, the Financial Industry Regulatory Authority, Inc. (FINRA) publically announces, on its website, enforcement actions that have either…