This summation of information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2014.” Soreide Law Group (888) 760-6552.
World Trade Financial Corporation (CRD #42638, San Diego, California),
Jason Troy Adams (CRD #2137404, La Mesa, California),
Frank Edward Brickell (CRD #3257725, Encinitas, California) and
Rodney Preston Michel (CRD #1275392, San Diego, California).
FINRA has fined World Trade Financial $45,000 and it has been prohibited from receiving and selling unregistered securities until it obtains an independent consultant to review its procedures.
Jason Troy Adams was fined $20,000 by FINRA and suspended for 30 business days.
Frank Edward Brickell was fined $15,000 by FINRA and suspended for 30 business days.
Rodney Preston Michel was fined $30,000 by FINRA and suspended for 45 days.
The US Court of Appeals denied an appeal for review of the SEC's decision. These sanctions were based on FINRA's findings that allegedly World Trade Financial Corp. and Frank Brickell sold unregistered shares of an entity’s security, without a registration statement filed with the SEC.
FINRA's findings stated that the firm sold 2.3 million shares of penny stock to the firm's clients. The World Trade Financial and Frank Brickell allegedly claimed their transactions were exempt but failed to meet their burden of establishing that the exemption applied to their sales.
Also, FINRA's findings stated that the World Trade Financial, Jason Adams, and Rodney Michel allegedly failed to supervise Frank Brickell, and the firm’s written procedures were deficient.
Adams’ suspension is in effect from May 19, 2014, through June 30, 2014. Brickell’s suspension is in effect from May 19, 2014, through June 30, 2014. Michel’s suspension is in effect from May 19, 2014, through July 2, 2014.
This ends the summation of information from FINRA's website.
If you purchased high-risk penny stocks or unregistered securities on the recommendation of your stock broker/financial advisor and experienced losses, please contact Soreide Law Group at (888) 760-6552 for a free consultation.
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