The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, February, 2013.”

Richard Alan Seligson (CRD #3169733, Registered Representative, Boca Raton, Florida)

was fined $10,000, suspended from association with any FINRA member in any capacity for one year and
ordered to pay $41,100, plus interest, in restitution to customers. This fine and restitution must be paid either immediately upon Seligson’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, Seligson consented to the described sanctions and to FINRA’s entry of findings that he borrowed $45,000 from close friends and relatives, all of whom were his firm’s customers.

FINRA’s findings stated that Seligson has repaid only $3,900 of the amount owed. Seligson did not seek to obtain his firm’s written approval to obtain loans from any of the customers. Seligson completed compliance questionnaires in which he was asked if he had entered into loans with customers. On each questionnaire, Seligson falsely answered that he had not taken such loans. The findings also stated that the firm’s WSPs generally prohibited representatives from taking loans from their customers, except under extremely rare and
extenuating circumstances. Under the firm’s procedures, these circumstances could include borrowing or lending arrangements with clients who were family members. The firm’s WSPs explicitly stated that requests to enter into borrowing or lending arrangements with family members had to be submitted for review and approval before engaging in lending activity.

The suspension is in effect from December 17, 2012, through December 16, 2013.
(FINRA Case #2011029460101)

The last two firms listed on FINRA’s BrokerCheck that Seligson was employed with are NATIONAL SECURITIES CORPORATION, BOCA RATON, FL from 10/2011 – 12/2011 and MORGAN STANLEY SMITH BARNEY, BOCA RATON, FL, from 06/2009 – 09/2011.

This ends the information from FINRA’s website.

If you find yourself in this or a similar situation with your broker or financial advisor, call Soreide Law Group for a free consultation with an attorney, 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Thomas Eugene Hendricks (CRD #2622427, Registered Representative, Salem, Ohio)

was barred from association with any FINRA member in any capacity. Without admitting or denying thefindings, Hendricks consented to the described sanction and to the entry of findings that he borrowed $3,000 from a customer/personal friend to be repaid by a certain date, but failed to do so, and the customer complained to Hendricks’ member firm.

These findings also stated that Hendricks’ firm’s written procedures prohibited borrowing from customers unless the firm approved an exception, which he did not obtain, and did not disclose to the firm that he had borrowed money from the customer. The borrowing arrangements did not fit into any of the exceptions provided for in the firm’s procedures and did not otherwise meet the conditions set forth in FINRA Rule 3240.

The FINRA findings also stated that Hendricks failed to respond to FINRA requests for information and sent FINRA an email indicating that he did not plan on providing a substantive response as he was no longer in the securities business.

(FINRA Case #2011028801901)

This information was found on FINRA’s website under “Disciplinary and Other Actions, June, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you have investment losses 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: http://www.securitieslawyer.com.

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Alison Marie Janke (CRD #4409155, Registered Representative, Port Richey, Florida)

was fined $7,500 and suspended from association with any FINRA member in any capacity for six months. Without admitting or denying the findings, Janke consented to the described sanctions. According to FINRA’s findings, she borrowed $100,000 from a customer which was based upon a personal relationship. This is contrary to her member firm’s WSPs (Written Supervisory Procedures) that only allowed registered representatives to accept loans from customers under limited circumstances.

According to the firm’s WSP, a registered person must receive prior written firm approval before accepting a loan based on a personal relationship outside of the broker/customer relationship; Janke did not seek or obtain this approval.

These findings stated that when Janke became associated with another member firm, the customer transferred her account to this new firm. FINRA’s findings also stated that in compliance questionnaires, Janke’s new firm requested that she state whether she had ever borrowed money from a customer, and she falsely answered “no.”

Janke’s failure to timely repay the loan, and then they entered into a settlement agreement regarding the outstanding amount owed.

This suspension is in effect from May 7, 2012, through November 6, 2012.

This information appeared on FINRA’s website under “Disciplinary and Other Actions, June, 2012.”

(FINRA Case #2011027400401)

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you find yourself in this situation, or a similar situation with your broker or financial advisor, call for a free consultation with an attorney, 888-760-6552, or visit our website at: ww.securitieslawyer.com.

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