Boca Raton Broker Fined, Suspended and Ordered to Pay Restitution to Clients by FINRA

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

Richard Alan Seligson (CRD #3169733, Registered Representative, Boca Raton, Florida)

was fined $10,000, suspended from association with any FINRA member in any capacity for one year and
ordered to pay $41,100, plus interest, in restitution to customers. This fine and restitution must be paid either immediately upon Seligson’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 the findings, Seligson consented to the described sanctions and to FINRA's entry of findings that he borrowed $45,000 from close friends and relatives, all of whom were his firm’s customers.

FINRA's findings stated that Seligson has repaid only $3,900 of the amount owed. Seligson did not seek to obtain his firm’s written approval to obtain loans from any of the customers. Seligson completed compliance questionnaires in which he was asked if he had entered into loans with customers. On each questionnaire, Seligson falsely answered that he had not taken such loans. The findings also stated that the firm’s WSPs generally prohibited representatives from taking loans from their customers, except under extremely rare and
extenuating circumstances. Under the firm’s procedures, these circumstances could include borrowing or lending arrangements with clients who were family members. The firm’s WSPs explicitly stated that requests to enter into borrowing or lending arrangements with family members had to be submitted for review and approval before engaging in lending activity.

The suspension is in effect from December 17, 2012, through December 16, 2013.
(FINRA Case #2011029460101)

The last two firms listed on FINRA's BrokerCheck that Seligson was employed with are NATIONAL SECURITIES CORPORATION, BOCA RATON, FL from 10/2011 - 12/2011 and MORGAN STANLEY SMITH BARNEY, BOCA RATON, FL, from 06/2009 - 09/2011.

This ends the information from FINRA’s website.

If you find yourself in this or 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: https://www.securitieslawyer.com.