Soreide Law Group, PLLC, a Securities Arbitration Law Firm, phone (888) 760-6552, obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, April, 2013.”

William Howard Buckley (CRD #3074452, Registered Representative, Punta Gorda, Florida)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Buckley consented to the described sanction and to the entry of findings that he converted approximately $5,000, while serving as an officer of a non-profit educational organization, by making cash withdrawals from automated teller machines (ATMs) and using the cash for his personal benefit without the organization’s knowledge or permission.

FINRA’s findings also stated that Buckley repaid the amounts he withdrew within a short period, usually 30 days. The findings also stated that Buckley borrowed $3,500 from one of his customers without his firm’s knowledge or permission and in violation of the firm’s WSPs. The loan arrangement did not meet any of the three exceptions outlined in the firm’s procedures prohibiting loans between customers and registered representatives. The customer was repaid only after he complained to the firm after Buckley’s termination. (FINRA Case #2012034225401)

This broker was previously registered with FINRA at the following brokerage firms as listed on FINRA’s BrokerCheck:

AMERIPRISE FINANCIAL SERVICES, INC.
CRD# 6363
PUNTA GORDA, FL
08/1998 – 09/2012

IDS LIFE INSURANCE COMPANY
CRD# 6321
MINNEAPOLIS, MN
08/1998 – 07/2006

This ends the information from FINRA’s website.

If you have experienced a financial loss due to your stockbroker or financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.

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

Donald Richard Dahn (CRD #2172800, Registered Representative, Palm City, Florida)

was suspended from association with any FINRA member in any capacity for six months. Because of Dahn’s financial status, no monetary sanction was imposed. Without admitting or denying the findings, Dahn consented to the described sanction and to the entry of findings that he borrowed a total of $240,900 in business loans from customers, for operating expenses for a company Dahn and his brother ran, and failed to disclose the loans to his member firm.

FINRA’s findings stated that in two cases, Dahn co-signed promissory notes executed on behalf of the customers. The firm’s written supervisory procedures prohibited borrowing money from customers. Dahn failed to repay the loans to the customers, which his firm ultimately reimbursed.

The suspension is in effect from December 17, 2012, through June 16, 2013.
(FINRA Case #2011028370001)

According to FINRA records, Donald Richard Dahn was last registered with LPL Financial.

This ends the information from FINRA’s website.

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: http://www.securitieslawyer.com.

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Stephen Paul Tommelleo (CRD #1597585, Registered Principal, Boca Raton, Florida)

submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000, suspended from association with any FINRA member in any capacity for three months and ordered to pay $14,990, plus interest, in restitution to a customer.

Without admitting or denying the findings, Tommelleo consented to the described sanctions and to the entry of findings that he borrowed money from customers without his member firm’s authorization and contrary to his firm’s WSPs, which did not permit loans between registered representatives and their customers.

These findings also stated that Tommelleo completed two firm annual compliance attestations indicating he had not and would not borrow money
from any firm customer. Tommelleo borrowed a total of $34,875 and repaid the customers a total of $5,800. One customer sued Tommelleo in state court for $15,000 and another was not repaid at all.

The suspension is in effect from August 6, 2012, through November 5, 2012. (FINRA Case #2010025098401)

The above information is from FINRA’s website listed under “Disciplinary and Other FINRA Actions, September, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your losses call: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

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Stephen Nietsch (CRD #3111082, Registered Representative, Boynton Beach, Florida)

was barred from association with any FINRA member in any capacity and ordered to pay $20,000, plus interest, in restitution to a customer. The sanctions were based on findings that Nietsch borrowed $20,000 from an elderly customer contrary to his member firm’s procedures prohibiting him from borrowing from customers. Nietsch has not repaid the loan.

(FINRA Case #2009020385001)

The above information appears on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your financial losses call: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

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Robert Nunes Da Frota (CRD #2137208, Registered Representative, Fort Myers, Florida)

submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000, suspended from association with any FINRA member in any capacity for six months and ordered to make full repayment of the outstanding balance on a customer’s loan. Without admitting or denying the findings, Da Frota consented to the described sanctions and to the entry of findings that
he borrowed $10,000 from a customer and executed a promissory note. Da Frota repaid $4,550 to the customer and his member firm paid the balance. Da Frota represented on a firm compliance questionnaire that he understood that loans with customers were prohibited.

These findings also stated that while previously employed with another member
firm, Da Frota borrowed $10,000 from a customer, executed a promissory note and has repaid only $5,236.05 to the customer. Da Frota never disclosed this loan to his previous member firm.
The suspension is in effect from August 6, 2012, through February 5, 2013. (FINRA Case #2011029306401)

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

Soreide Law Group, PLLC, has represented clients nationwide. 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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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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Brent Robert Bishop (CRD #2348912, Registered Principal, Tulsa, Oklahoma)

has been barred from association with any FINRA member in any capacity and ordered to pay restitution in the total amount of $58,000, plus interest, to customers.

These sanctions were based on FINRA’s findings that Bishop misappropriated funds from his member firm’s customers by intentionally converting $40,000 from the customers, for phony investments with false investment certificates he provided, and using the funds for his own personal use.

FINRA’s findings stated that Bishop’s firm reimbursed, or offered to reimburse, some of the customers. Bishop borrowed a total of $74,000 from firm’s customers contrary to his firm’s written policy prohibiting its registered representatives from borrowing money from customers other than immediate family members, none being family members.

The FINRA findings also included that Bishop’s firm did not preapprove in writing any of the loan transactions and he never sought the firm’s permission to borrow money from  customers. Bishop has not repaid the loans from his customers. FINRA found that Bishop failed to respond to FINRA requests for information and to appear for a FINRA interview.

(FINRA Case #2010021827701)

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

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a loved one have sustained investment losses due to Brent Robert Bishop, your stock broker/dealer, 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: 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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James Landon Yarbrough (CRD #703889, Registered Representative, Clearwater, Florida)

was barred from association with any FINRA member in any capacity. The Hearing Officer did not order restitution because FINRA’s Department of Enforcement represented that the customer has been made whole by the customer’s estate entering into a settlement agreement with Yarbrough. The sanction was based on findings that Yarbrough borrowed $45,000 from a firm customer although his member firm’s WSPs prohibited registered representatives from borrowing money from customers unless the customer was an immediate family member or a financial institution; Yarbrough had not requested nor received his firm’s permission to borrow money from the customer.

These findings stated that Yarbrough repaid the customer’s estate $5,000 of the $45,000. The findings also stated that Yarbrough failed to appear for an on-the-record interview, impeding FINRA’s investigation and preventing FINRA from completing its regulatory responsibility to fully investigate potential rule violations.

(FINRA Case #2010022751101)

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