Articles Posted in FINRA Enforcement Actions 2011

FINRA Negligent Supervision and Churning Arbitration Attorney, Russell L. Forkey, Esq. August, 2011: Bluechip Securities, Inc. (CRD® #45726, Houston, Texas) and Muhammad Akram Khan, (CRD #1400089, Registered Principal, Houston, Texas) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $15,000. Khan was fined $385,000 and suspended from association…

FINRA Arbitration and Litigation Fraud, Mismanagement, Negligent Supervision and Selling Away Attorney Attorney, Russell L. Forkey, Esq. August, 2011: Periodically, the Financial Industry Regulatory Authority, Inc. (FINRA) publically announces, on its website, enforcement actions that have either recently been settled by or commenced against broker/dealers and/or associated persons. We review these settlements and filed actions…

FINRA Arbitration Fraud and Misrepresentation Attorney, Russell L. Forkey, Esq. July, 2011: Jose Luis Vinas (CRD #4014454, Registered Representative, Houston, Texas) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Vinas converted approximately $3.3 million from customers, mostly Mexico-based, while he was associated with member firms…

FINRA Fraud and Mismanagement Arbitration Attorney, Russell L. Forkey, Esq. July, 2011: Al Joseph Romani (CRD #5000071, Registered Principal, Apopka, Florida) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000, suspended from association with any FINRA member in any capacity for 45 days, required to requalify by examination before acting…

FINRA Arbitration Securities Fraud and Theft Attorney, Russell L. Forkey, Esq. July, 2011: Sammy Gail Page (CRD #1640203, Registered Representative, Spurger, Texas) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Page consented to the described…

FINRA Real Estate Investment and Private Placement Fraud Attorney, Russell L. Forkey, Esq. July, 2011: David Allen Naefke (CRD #1349960, Registered Representative, Palm Beach Gardens, Florida) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Naefke…

FINRA Fraud, Misrepresentation and Mismanagement Arbitration Attorney, Russell L. Forkey, Esq. July, 2011: John Francis Means (CRD #2263604, Registered Representative, Lutherville, Maryland) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Means consented to the described…

FINRA Arbitration Fraud and Arbitration Attorney, Russell L. Forkey, Esq. July, 2011: Ryan Jeffrey Kirkpatrick (CRD #4459488, Registered Representative, Granbury, Texas) was fined $25,000, suspended from association with any FINRA member in any capacity for six months, and ordered to disgorge $91,466, which represents the commissions earned on the sales of unregistered securities. The fine…

FINRA Promissory Note and Theft Arbitration Attorney, Russell L. Forkey, Esq. July, 2011: Thomas Michael Kinser (CRD #1435579, Registered Representative, Southlake, Texas) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Kinser converted approximately $330,000 in customer’s funds. The findings stated that Kinser called the mutual…

FINRA Promissory Note and Variable Annuity Fraud and Mismanagement Attorney, Russell L. Forkey, Esq. July, 2011: Patrick Shawn Kennedy (CRD #3005062, Registered Supervisor, Raleigh, North Carolina) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for nine months. The…