Securities Lawyer Blog | Victim of Fraud?

TAG | broker did not provide written notice to firm for approval

Apr/13

15

Texas Rep Barred by FINRA

Comments off · Posted by Securities Lawyer in FINRA

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

Forrest Nolan Jackson (CRD #4222253, Registered Representative, Austin, Texas)

was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Jackson consented to the described sanction and to the entry of findings that, acting outside the course and scope
of his employment with his member firm, he participated in private securities transactions from which he received selling compensation without providing prompt prior written notice to his firm of his proposed role in, or the selling compensation that he might receive from, the transactions.

FINRA’s findings stated that Jackson never received his firm’s written approval to participate in private securities transactions. Jackson, working with others through an entity he created, participated in the sale of at least $60 million of securities in the form of notes away from his firm.

This entity generated at least $6 million in gross revenues from the sales and Jackson received at least $400,000 of those gross commission revenues. Also, FINRA’s findings stated that in connection with the entity’s marketing and
distribution of notes, Jackson attended several meetings at the offerer’s offices and attended sales training sessions that the offerer required for all individuals and other entities involved in selling the notes.

The findings also included that Jackson participated in the sales of the notes by investing $76,000 of his own funds in the notes and by referring family member to the offerer, who themselves invested a total of $100,000 in the notes.

FINRA found that Jackson prepared and provided to his firm an outside business disclosure form disclosing the entity, which stated the nature of its business was wholesaling fixed annuities. The form did not refer to the offerer, notes, securities or any investment products other than fixed annuities.
(FINRA Case #2010023502901)

According to FINRA’s BrokerCheck, this broker was previously registered with FINRA at the following brokerage firms:

GRANT WILLIAMS L.P.
CRD# 45961
AUSTIN, TX
08/2009 – 01/2011

LONGVIEW FINANCIAL GROUP, INC
CRD# 38286
NEW YORK, NY
05/2009 – 07/2009

ASCHER/DECISION SERVICES, INC.
CRD# 10034
SAN MARINO, CA
10/2008 – 03/2009

This ends the information from FINRA’s website.

If you or a loved one 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.

· · · · · · · · ·

Oct/11

20

Clyde Benninghoff, Amelia Island, FL, Barred by FINRA

Comments off · Posted by Securities Lawyer in FINRA

Clyde Allen Benninghoff (CRD #18463, Registered Principal, Amelia Island, Florida)
 
submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the
findings, Benninghoff consented to the described sanction and to the entry of findings
that he facilitated securities investments away from his member firm.
 
These findings stated that individuals, who were not customers of Benninghoff’s firm, invested a total of $1,560,531.80 in a secured premium finance plan, which purported to promise a 12 percent return on an accompanying promissory note. The findings also stated that the secured premium finance plan was marketed as an investment that included financing for premiums on life insurance policies. The findings also included that Benninghoff wrote the life insurance policies through his firm’s life insurance company affiliate. FINRA found that the investments were not made through Benninghoff’s firm and were unknown to the firm.
 
Also, FINRA found that Benninghoff did not provide written notice to, or obtain
approval from, his firm prior to facilitating the investments. In addition, FINRA determined that Benninghoff failed to appear for a FINRA on-the-record interview. (FINRA Case #2009019487201)
 
This article was obtained on FINRA’s website listed under ‘Disciplinary Actions’ October, 2011.
 If you or a family member have become alleged victims of life insurance fraud, contact an insurance fraud attorney for a free consultation on how to recover your investment losses.  To speak with an attorney, call 888-760-6552, or visit securitieslawyer.com.  We stand up and fight for the rights of consumers. Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).

· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·

Find it!

Theme Design by devolux.nh2.me
To top