SEC News
- SEC Charges City of South Miami with Defrauding Investors About Tax-Exempt Status of Municipal Bonds May 22, 2013FOR IMMEDIATE RELEASE2013-91 Washington, D.C., May 22, 2013 — The Securities and Exchange Commission today charged the City of South Miami, Fla., with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district. Additional Materials SEC Order An SEC investiga […]
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- 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 […]
TAG | broker failure to get written approval from firm
20
FINRA Fined and Suspended Palm Harbor Rep
Comments off · Posted by Securities Lawyer in FINRA
The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, March, 2013.”
Jim Eugene Scala Jr. (CRD #2493873, Registered Representative, Palm Harbor, Florida)
was fined $5,000 and suspended from association with any FINRA member in any capacity for 15 business days. FINRA gave Scala credit for serving a suspension imposed by his member firm while it investigated his private securities transactions. Without admitting or denying the findings, Scala consented to the described sanctions and to the entry of findings that he engaged in private securities transactions when he sold shares he owned in an alternative energy company to individuals that included customers of his firm. The findings stated that Scala was required to give his firm prior written notice and obtain prior written approval to sell his shares of the company and he failed to do so.
The suspension was in effect from February 19, 2013, through March 11, 2013. (FINRA Case #2011025846001)
It is listed on FINRA’s BrokerCheck that Jim Eugene Scala Jr is currently employed by and registered with the following FINRA Firm(s):
DALTON STRATEGIC INVESTMENT SERVICES INC.
2690 CORAL LANDINGS BLVD
UNIT 728
PALM HARBOR, FL 34684
CRD# 23485
Registered with this firm since: 8/11/2010
Jim Scala was previously registered with FINRA at the following brokerage firms:
BROOKSTONE SECURITIES, INC.
CRD# 13366
LAKELAND, FL
06/2008 – 07/2010
BROOKSTONE SECURITIES, INC.
CRD# 13366
BOCA RATON, FL
03/2008 – 04/2008
GUNNALLEN FINANCIAL, INC
CRD# 17609
BOCA RATON, FL
02/2008 – 03/2008
This ends the information from FINRA’s website.
If you have experienced a financial loss due to your broker/financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.
broker failure to get written approval from firm · broker selling stock outside of registered firm · Brookstone Securities · DALTON STRATEGIC INVESTMENT SERVICES INC. · GUNNALLEN FINANCIAL · Jim Eugene Scala Jr · Jim Scala Fined and Suspended by FINRA · private securities transaction · sold private securities trannsactions to customers without firm's permission
18
FINRA Fines and Suspends Boca Raton Rep
Comments off · Posted by Securities Lawyer in FINRA
David Marasek (CRD #2866848, Registered Representative, Boca Raton, Florida)
submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. Without admitting or denying the findings, Marasek consented to the described sanctions and to the entry of findings that he participated in private securities transactions, not for compensation, for some of his member firm’s foreign customers through another broker-dealer.
Marasek exercised limited trading authority in the customers’ accounts.
These findings also stated that Marasek did not provide his firm with written notice of the proposed transactions at the other brokerdealer and his proposed role therein, and failed to receive his firm’s prior written approval
to participate in the private securities transactions. The findings also stated that Marasek’s supervisor was aware that he was assisting the firm’s customers with liquidating their stock, but not aware of Marasek’s limited trading authority.
The suspension was in effect from July 16, 2012, through July 27, 2012. (FINRA Case #2010022695202)
This information appeared 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 before FINRA. For a free consultation on how to potentially recover your financial losses call: 888-760-6552, or you may visit our website and complete our online form at: http://www.securitieslawyer.com.
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David Louis Bocchino (CRD #3168609, Registered Representative, Bradenton, Florida)
was fined $7,500, which includes disgorgement of $2,850 in commissions, and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the findings, Bocchino consented to the described sanctions and to the entry of findings that he became licensed with a company that underwrites life settlement contracts and, while registered with his firm,sold a $30,000 unregistered security to an individual.
The FINRA findings stated that the customer was to use the funds to purchase issued life insurance policies, and upon the death of the insureds, receive a portion of the death benefit from each policy. The individual used
funds from his individual retirement account (IRA) at another firm to make the investment.
It was stated that Bocchino received $2,850 in commissions in connection with the transaction. The FINRA findings also stated that Bocchino failed to provide his firm with prior written notice and failed to obtain his firm’s written approval concerning the transaction although the firm’s WSPs
explicitly prohibited the sale of life settlements.
This suspension is in effect from May 21, 2012, through August 20, 2012. (FINRA Case #2010023743901)
This information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2012.”
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. Call for a free consultation on how you could potentially recover your financial losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
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