TAG | unauthorized use of funds by stockbroker
Comments off · Posted by Securities Lawyer in FINRA
Milton Charles Ault III (CRD #2157788, Registered Principal, Fountain Valley, California)
was fined $75,000, he was suspended from association with any FINRA member in any capacity for two years and Ault was ordered to pay $312,916.06, plus interest, in restitution to investors. This fine must be paid either immediately upon Ault’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier.
Without admitting or denying FINRA’s findings, Ault consented to the described sanctions and to the entry of findings that he effected transactions in customer accounts (and also the relatives of two of the customers) without the customers’ prior knowledge, authorization or consent.
FINRA’s findings stated that Ault failed to remit payment for a securities transaction to a customer and failed to deliver securities to the customer.
Milton Charles Ault’s suspension is in effect from May 7, 2012, through May 6, 2014.
(FINRA Case #2008016157101)
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented many clients nationwide. If you or a family member 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: http://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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Comments off · Posted by Securities Lawyer in FINRA
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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Glenn Loren Halpryn (CRD #1633028, Registered Principal, Aventura, Florida)
submitted a Letter of Acceptance, Waiver and Consent in which he was censured and fined $10,000.
Without admitting or denying the findings, Halpryn consented to the described sanctions and to the entry of findings that he caused funds raised from a private placement offering to be used for due diligence on an unrelated prospective business venture.
Although Halpryn later repaid the funds to the company, he caused them to be used in a manner inconsistent with the terms of the offering.
(FINRA Case #2010025076001 )
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