TAG | unsuitable trading patterns
Comments off · Posted by Securities Lawyer in FINRA
Jeffrey Wayne Cimbal (CRD #2028791, Registered Principal, Parkland, Florida)
has been fined $20,000 and suspended from association with any FINRA member in any principal capacity for five months.
Without admitting or denying the findings, Cimbal consented to the described sanctions and to the entry of findings that he served as his member firm’s CCO, and for more than three years, was responsible for reviewing transactions to ensure that customers received best execution, and to conduct surveillance for trading patterns that could potentially violate FINRA rules or federal securities laws.
The FINRA findings said despite this responsibility, Cimbal did not detect two representatives’ many corporate debt transactions that did not provide customers the best execution and/or involved interpositioning of an affiliated account. The net result was that the firm and/or accounts of its affiliates realized excessive trading profits.
These findings also stated that Cimbal did not take sufficient supervisory action to prevent the trading pattern from continuing during the relevant time period.
Jeffrey Way Cimbal’s suspension is in effect from May 21, 2012, through October 20, 2012.
(FINRA Case 2010023001601)
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. If you or a loved one sustained investment losses due to Jeffrey Way Cimbal, your stock broker/dealer, 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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