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TAG | broker not reporting activities

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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