Securities Lawyer Blog | Victim of Fraud?

TAG | broker not reporting activities

Soreide Law Group, PLLC, phone (888) 760-6552, has obtained the following summation of information from FINRA’s website, under “Disciplinary and Other FINRA Actions, May, 2014.”

James Daniel Helgeson (CRD #1016562, Billings, Montana)

was given a deferred fine of $5,000 and suspended by FINRA for one month.

According to FINRA’s report, allegedly Helgeson did not provide written notice of his affiliation and activities with an outside limited liability company to his firm.

FINRA’s findings stated that allegedly Helgeson became an affiliate of the limited liability company and posted non-securities-related Internet ads daily on advertising sites. Helgeson did not update his outside business activity disclosures nor request approval from him firm to engage in any new outside business activities. This prompted a firm inquiry.

According to FINRA, James Helgeson then submitted an outside business activity notification form describing his involvement with the limited liability company for the first time.

FINRA’s findings also stated that Helgeson did not receive funds from the limited liability company because of the emergency action the SEC filed against it, its website, and its founder.

The SEC halted the allegedly fraudulent unregistered Ponzi and pyramid scheme perpetrated by the limited liability company, and appointed a receiver to take charge of its assets. Helgeson was not named as a participant in the alleged scheme.

This suspension was in effect from March 17, 2014, through April 16, 2014.
(FINRA Case #2012034109201)

James D. Helgeson was previously registered with the following FINRA firm(s):

KOVACK SECURITIES INC. (CRD# 44848) – BILLINGS, MT
12/2004 – 09/2012

NATIONAL PLANNING CORPORATION (CRD# 29604) – SANTA MONICA, CA
09/2004 – 11/2004

INTERSECURITIES, INC. (CRD# 16164) – ST. PETERSBURG, FL
01/1998 – 10/2004

INTERSECURITIES, INC. (CRD# 16164) – ST. PETERSBURG, FL
02/1997 – 12/1997

AMERICAN INVESTORS COMPANY (CRD# 38) – SAN RAMON, CA
03/1995 – 03/1997

AMERICAN GENERAL SECURITIES INCORPORATED (CRD# 13626) – PHOENIX, AZ
02/1986 – 03/1995

ANCHOR NATIONAL FINANCIAL SERVICES, INC. (CRD# 5774) 05/1988 – 08/1989

CALIFORNIA HARTLAND SECURITIES (CRD# 7900) 12/1981 – 10/1982

This ends the summation of information from FINRA.

We represent clients nationwide before FINRA. If you experienced financial losses because of your broker or financial advisor’s recommendations, call Soreide Law Group for a free consultation on how to potentially recover your financial losses: 888-760-6552.

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Apr/12

26

Ponte Vedra Beach, FL, Rep Fined and Suspended by FINRA

The following information is from FINRA’s website under “Disciplinary Actions, April, 2012:”
 

James Calvin Wylie Jr. (CRD #834405, Registered Representative, Ponte Vedra Beach, 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 one month. Without admitting or denying the findings, Wylie consented to the described sanctions and to the entry of findings that he engaged in unapproved outside business activities when he provided consulting and analytical services on potential business transactions, outside the scope of his relationship with his member firm and without providing prompt written notice to his firm. The findings stated that Wylie inaccurately certified on an annual outside business activities questionnaire that he was not involved in any outside business activities.

This suspension was in effect from March 5, 2012, through April 4, 2012.

(FINRA Case #2010024027601)

 

The information from FINRA’s website has ended.
 
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide.
For a free consultation with an attorney, please call 888-760-6552, or visit our website at: www.securitieslawyer.com.

 

 

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Nov/11

17

FINRA Fines Broward Brokerage and Censures Two Brokers

In a November 16th., 2011, Sun-Sentinnel article, Donna Gehrke-White writes that a Ft. Lauderdale brokerage was fined $20,000, a Plantation broker was suspended for two years and a Coral Springs man was barred from working with any brokerage, according to November’s report on disciplinary action taken by FINRA, the private regulatory agency that oversee securities companies.

Newbridge Securities Corp. was censured and fined $20,000 by the Financial Industry Regulation Authority (FINRA) for failing to provide proper information to clients. Newbridge negligently permitted staff “to sell securities in private placement offerings to customers” without providing necessary facts, FINRA said. Newbridge consented to FINRA’s sanctions without admitting or denying its findings.

Frank A. Gutta of Plantation, agreed to a two-year suspension by FINRA without admitting or denying its findings. FINRA said he started a corporation to collect money to finance investments in various small businesses. Gutta ran the corporation for more than four years without telling the brokerage where he worked, according to FINRA. Gutta ended up selling $2.9 million in promissory notes for the company that he set up. His clients included customers from his employer, the brokerage. But it “did not sponsor or approve the promissory notes,” FINRA said.

The article states that FINRA also found Gutta recommended the promissory notes to a client “without having a reasonable basis to believe the investment was suitable for her; the customer invested a total of $235,000 in notes, which was inconsistent with her stated investment objective and risk tolerance.”  His suspension started Sept. 19 and is in effect until Sept. 18, 2013.

Michael Jefferson Harper, of Coral Springs was barred from working at a brokerage because he failed to respond in a timely manner to FINRA requests for information and failed to testify as the agency requested.

The SEC,  U.S. Securities and Exchange Commission, has empowered FINRA to police brokerages and brokers and to sanction companies that violate the regulator’s rules of doing business.

 

Securities Attorney, Lars Soreide, of Soreide Law, PLLC, has represented clients nationwide. If you or a family member have experienced a loss through Newbridge Securities Corporation of Ft. Lauderdale, FL, Frank A. Gutta, Plantation, FL, or Michael J. Harper, Coral Springs, FL, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

 

 

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