Articles Posted in FINRA Enforcement Actions 2011

REIT (Real Estate Investment Trust) Fraud, Misrepresentation and Negligent Supervision FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. November, 2011: FINRA Fines Wells Investment Securities $300,000 for Use of Misleading Marketing Materials for REIT Offering The Financial Industry Regulatory Authority (FINRA) recently announced that it has fined Wells Investment Securities, Inc. $300,000 for using…

Fraud, Unsuitable Investments and Negligent Supervision FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq. January, 2011: Newbridge Securities Corporation (CRD #104065, Ft. Lauderdale, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $37,500 and ordered to pay $4,063.95, plus interest, in restitution to customers. Without admitting or…

Oil and Gas Limited Partnership Fraud, Misrepresentation and Negligent Supervision Lawyer, Russell L. Forkey, Esq. November, 2011: Lone Star Securities, Inc. (CRD #20452, Addison, Texas) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $35,000. Without admitting or denying the findings, the firm consented to the described sanctions…

Margin Abuse and Negligent Supervision FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq. November, 2011: Legent Clearing LLC, dba Legent Clearing (CRD #117176, Omaha, Nebraska) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $200,000. Without admitting or denying the findings, the firm consented to the described…

Common and Preferred Stock Fraud FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq. November, 2011: Euro Pacific Capital, Inc. (CRD #8361, Westport, Connecticut) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $150,000. Without admitting or denying the findings, the firm consented to the described sanctions and…

Unregistered Brokerage Firm Employees FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. November, 2011: CP Capital Securities, Inc. (CRD #15029, Miami, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $35,000. Without admitting or denying the findings, the firm consented to the described sanctions and to…

Misleading Research Report FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. November, 2011: BGB Securities, Inc. (CRD #36716, Arlington, Virginia) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $25,000. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry…

Cherry Picking Securities Fraud and Misrepresentation FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq. November, 2011: Beta Capital Management, L.P. (CRD #38964, Miami, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $450,000. Without admitting or denying the findings, the firm consented to the described sanctions…

Unauthorized and Excessive Trading FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. November, 2011: J.P. Turner & Company, LLC (CRD #43177, Atlanta, Georgia) and James Edward McGrath (CRD #1582846, Registered Principal, Brick, New Jersey) submitted an Offer of Settlement in which the firm was censured and fined $20,000. McGrath was fined $5,000 and suspended…

Unsecured Bridge Promissory Note Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. November, 2011: Brookstone Securities, Inc. (CRD® #13366, Lakeland, Florida), David William Locy (CRD #4682865, Registered Principal, Overland Park, Kansas), Mark Mather Mercier (CRD #1884246, Registered Principal, Lutz, Florida) and Antony Lee Turbeville (CRD #1721014, Registered Principal, Lakeland, Florida) submitted…