The following information was obtained on FINRA’s website’s ‘Disciplinary Actions, January 2012.”
Bradley John Delp (CRD #1701698, Registered Representative, Deerfield Beach, Florida)
submitted a Letter of Acceptance, Waiver and Consent in which he was fined $25,000 and suspended from association with any FINRA member in any capacity for two months. The fine must be paid either immediately upon Delp’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier.
Without admitting or denying the findings, Delp consented to the described sanctions and to the entry of findings that he failed to provide prompt written notice to his member firm that he was employed by, or accepted compensation from, another person as a result of outside business activities. The findings stated that Delp was a shareholder and employee of an independent insurance agency who brokered fixed-term or whole life settlements for his insurance customers, and his insurance agency received a commission for most of the life settlement transactions it brokered.
The findings also stated that many years after Delp joined the firm and disclosed his outside business activity, the firm revised its WSPs to prohibit its registered representatives from participating in life settlements unless processed through the firm
and limited to products the firm offered through approved firm sponsors. Delp’s outside
business insurance company facilitated insurance company customers’ sales of fixed-term or whole life insurance policies to third-party companies. The life settlements were not brokered through the firm and most were not brokered with approved firm sponsors as required by the firm’s revised procedures. The findings also included that Delp formed a company in which he owned a half-interest. The company’s business was to negotiate, on behalf of Delp and other participating individual insurance brokers, commission rates from life insurance companies for insurance policies that they brokered.
FINRA found that Delp’s administrative assistant completed online Firm Element continuing education (CE) training courses for him. FINRA also found that Delp used, or directed his staff to use, copies of signature transparencies for customers to generate third-party checks, wire transfers and to journal money from related customer accounts although the customers had orally authorized the transactions.
The suspension is in effect from December 5, 2011, through February 4, 2012.
(FINRA Case #2009018233803)
The information from FINRA’s website has ended.
Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses through Bradley John Delp of Deerfield Beach, FL, or losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
assistant doing supervisors training courses · Bradley Delp Deerfield Beach FL · Bradley John Delp · broker falsifying information · broker falsifying signatures · broker taking compensation outside of firm · broker working as agent for whole life settlements · broker working as insurance agent · brokering whole life insurance · failure to provide written notice by broker that he had outside business activities · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · finra securities arbitration lawyer · Ft. Lauderdale Securities Lawyer · high risk investments · Lars Soreide · life insurance lawyer · life settlement fraud lawyer · life settlement investments · Life settlement losses lawyer · life settlements · securities lawyer · Soreide Law Group PLLC · Stock fraud lawyer · targeting elderly investors · whole life insurance