SEC News
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- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
TAG | Alan Jay Davidofsky barred and fined by FINRA
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FINRA Fined and Barred Delray Beach, FL Rep
Comments off · Posted by Securities Lawyer in FINRA
Alan Jay Davidofsky (CRD #1389312, Registered Representative, Delray Beach, Florida)
has been fined by FINRA in the amount of $11,741.78, which represents disgorgement, and he has been barred from association with any FINRA member in any capacity.
These sanctions were based on the findings that Davidofsky made unauthorized transactions in his customer’s account, controlled the customer’s Individual Retirement Account (IRA), and made excessive number of trades in the account. This was inconsistent with the customer’s financial circumstances and investment objectives.
FINRA’s findings stated that Davidofsky implemented this high level of trading to benefit himself, not his customer. Davidofsky had lost accounts and was under increasing financial pressure to increase his numbers to meet his member firm’s expectations.
The findings also stated that Davidofsky excessively traded the customer’s account deliberately, thereby churning her account.
The decision has been appealed to the NAC, and the sanctions are not in effect pending the appeal.
(NRA Case #2008015934801)
This information was obtained on FINRA’s website,”Disciplinary and Other Actions, June, 2012.”
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