The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, February, 2013.”

Martin Benjamin Feibish (CRD #205556, Registered Representative, Providence, Rhode Island)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Feibish consented to the described sanction and to the entry of findings that he developed a scheme to misappropriate more than $5 million from an elderly customer by investing her money in fictitious investment vehicles, and forging her relatives’ signatures.

According to FINRA, Feibish created false promissory notes through the company, which evidenced a purported interest in mortgage-backed securities. Feibish created and provided the customer with false documentation evidencing the purported mortgage-backed securities and IRS Form 1099s, to convince the customer that she was invested in legitimate investment vehicles. Feibish took funds from the customer for the non-existent investments and placed them in a bank account he controlled in his company’s name.

The findings also included that Feibish had checks issued from the company bank account to the customer. Feibish told the customer that these payments represented the interest payments from the investments, but were actually the return of the customer’s own money. Feibish convinced the customer to reinvest the money in additional fictitious investment vehicles, including promissory notes from a bank.

FINRA found that Feibish forged the names of the customer and her relatives to open trust accounts in their names at the bank. Payments were simply a return of the customer’s money.

FINRA also found that Feibish managed insurance plans belonging to the customer, and for the benefit of her
relatives. Feibish told the customer he was paying the premiums on those policies, when in fact he had forged the relatives’ signatures and borrowed approximately $280,000 against them. Feibish routinely had false documentation issued to the customer, including false promissory notes and falsified account statements.

FINRA Case #2011026750303

This ends the information from FINRA’s website.

If you find yourself in a similar situation with your broker or financial advisor, call Soreide Law Group for a free consultation with an attorney, 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Stanley Neil Crooms (CRD #852539, Registered Representative, St. Petersburg, Florida)

was barred from association with any FINRA member in any capacity.

Crooms consented to the described sanction and to the entry of findings that he failed to provide all of the information FINRA requested as part of an investigation into the allegations that he had misappropriated customer funds.
(FINRA Case #2011028610001)

This information was on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2012.”

Soreide Law Group, PLLC, represents clients nationwide. 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: http://www.securitieslawyer.com.

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Thomas Brown Hammond (CRD #2389080, Registered Representative, Fair Oaks, California)

was barred from association with any FINRA member in any capacity.  Hammond consented to the described sanction and to the entry of findings that he solicited both his brokerage firm customers and customers of his consulting business to invest funds in a fictitious private portfolio that would earn a steady interest rate in excess of their current investments, then converted those funds for his own use.

Hammond stole at least $546,650 from customers at his member firm and his consulting business. At least $492,250 was taken from Hammond’s customers at his firm.

FINRA’s findings stated that when his customers inquired about their investments, Hammond sometimes provided bogus updates of their investments, either orally or through false one-page account summaries.

One customer wanted to cash out $58,000 in the private portfolio, so Hammond told the customer it would take seven days for the money to be available. Hammond returned $48,000 to that client the next week. The money was fraudulently obtained from another customer.

(FINRA Case #2011026683401 )

This information was on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2012.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented numerous clients nationwide. 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: http://www.securitieslawyer.com.

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