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 | South Florida Stock Loss Lawyer
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FINRA Fined and Barred Delray Beach, FL Rep
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Alan Jay Davidofsky (CRD #1389312, Registered Representative, Delray Beach, Florida)
has been fined by FINRA in the amount of $11,741.78, which represents disgorgement, and he has been barred from association with any FINRA member in any capacity.
These sanctions were based on the findings that Davidofsky made unauthorized transactions in his customer’s account, controlled the customer’s Individual Retirement Account (IRA), and made excessive number of trades in the account. This was inconsistent with the customer’s financial circumstances and investment objectives.
FINRA’s findings stated that Davidofsky implemented this high level of trading to benefit himself, not his customer. Davidofsky had lost accounts and was under increasing financial pressure to increase his numbers to meet his member firm’s expectations.
The findings also stated that Davidofsky excessively traded the customer’s account deliberately, thereby churning her account.
The decision has been appealed to the NAC, and the sanctions are not in effect pending the appeal.
(NRA Case #2008015934801)
This information was obtained on FINRA’s website,”Disciplinary and Other Actions, June, 2012.”
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Port Richey, Florida, Rep Fined and Suspended by FINRA for Borrowing Money from Customer
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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FINRA Arbitration Filed Against National Securities Corp.
Comments off · Posted by Securities Lawyer in FINRA
If you or a loved one have suffered losses investing with Jaime Diaz, your losses may be recovered through a securities arbitration.
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