Articles Posted in FINRA Enforcement Actions 2012

Selling Away and Outside Business Activity FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. March, 2012: Robert Mark Benning (CRD #2002792, Registered Representative, Streator, Illinois) submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Benning consented to the…

Collateralized Mortgage Obligation Fraud, Misrepresentation and Mismanagement FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. March, 2012: RBC Capital Markets, LLC (CRD #31194, New York, New York) 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…

Negligent Supervision, Unsuitability and Over Concerntration FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. March, 2012: Petersen Investments, Inc. (CRD #38537, Wall, New Jersey) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $15,000. Without admitting or denying the findings, the firm consented to the described sanctions and…

Negligent Supervision and Over Concentration FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. March, 2012: Morgan Stanley & Co. LLC (CRD #8209, New York, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $600,000. Without admitting or denying the findings, the firm consented to the described…

Variable Annuity Fraud, Misrpresentation and Unsuitability FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. March, 2012: Cadaret, Grant & Co., Inc. (CRD #10641, Syracuse, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $200,000, and shall undertake to allow each of the living customers, involved in this…

Municipal Bond FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. March, 2012: BOSC, Inc. (CRD #17530, Tulsa, Oklahoma) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $75,000 and required to pay $25,141, plus interest, in restitution to investors. Without admitting or denying the findings, the firm consented to…

Stock Broker and Registered Representative Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. March, 2012: Tradespot Markets Inc. fka Beloyan Investment Securities, Inc. (CRD #29683, Davie, Florida) and Mark Bedros Beloyan (CRD #1392748, Registered Principal, Davie, Florida) were fined $13,500, jointly and severally. Beloyan was suspended from association with any FINRA member…

Investment Advisor and Broker/Dealer Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq. February, 2012: Securities and Exchange Commission v. Robert S. Woodruff, et al, Civ. No. 05-cv-480-MSK-CBS (D. Colorado). COURT ENTERS FINAL JUDGMENT AGAINST FORMER CFO OF QWEST COMMUNICATIONS INT’L ROBERT S. WOODRUFF The U.S. Securities and Exchange Commission recently announced…

As I have indicated on my website, the Securities and Exchange Commission has filed an enforcement against against Charles Schwab and others, which was filed on January 11, 2011. Not to be out done, FINRA also filed an action against Charles Schwab and ordered Charles Schwab to Pay $18 Million to Investors for Improper Marketing…