TAG | broker not receiving permission to borrow money from customer
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)
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker 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: www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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