TAG | broker lying to new firm
Comments off · Posted by Securities Lawyer in FINRA
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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