RONALD P. RAFALOFF (CRD# 1045883) former broker from Bakersfield, California, was barred by FINRA for allegedly using the investment of a 74 year-old woman from Red Bank for his own personal use, guaranteed the client against losses, and making false statements to his employer. According to FINRA, the client made a $405,000 investment with Rafaloff, […]

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Berthel Fisher & Company Financial Services, Inc. and its affiliate, Securities Management & Research, Inc., of Marion, Iowa, a combined total of $775,000. This fine was for supervisory deficiencies, which included Berthel Fisher's failure to supervise the sale of non-traded real estate investment trusts […]

Sergey Pustelnik (CRD #4439199, Jersey City, New Jersey) was barred by FINRA for refusing to produce FINRA requested emails in his possession, custody and control, as part of an investigation into, among other things, certain suspicious trading activities occurring through a member firm. FINRA's findings stated that Pustelnik refused to produce a copy of a […]

Barclays Capital Inc. (CRD #19714, New York, New York) was censured, fined $155,000 and required to revise its Written Supervisory Procedures (WSPs) for allegedly submitting inaccurate short interest position reports to FINRA, and failed to report to FINRA its short interest positions. FINRA's findings stated that Barclays Capital’s supervisory system did not provide for compliance […]

Fidelity Brokerage Services LLC (CRD #7784, Smithfield, Rhode Island was censured and fined $350,000 by FINRA for allegedly overcharging 20,663 client accounts approximately $2.4 million. FINRA's findings stated that Fidelity Brokerage Services did not have reasonable supervisory systems or procedures to ensure that clients were charged accurate fees for accounts managed by third-party investment advisors. […]

Florida-based Soreide Law Group, (888) 760-6552, has obtained the following summation from FINRA's website under “Disciplinary and Other FINRA Actions March 2015.” Jennifer Joice Trowbridge (CRD #4310649, Boca Raton, Florida) was assessed a deferred fine of $10,000 and suspended by FINRA for two months for allegedly recommending a series of mutual fund switches in clients […]

Kevin Luby (CRD #4568246, Port Orange, Florida) was assessed a deferred fine of $25,000 and suspended by FINRA for 10 months for allegedly failing to disclose to his member firms that he was engaged in outside business activities on an elderly firm client’s behalf. FINRA's findings stated that the client had named Luby as a […]

The Soreide Law Group, based in Florida (888) 760-6552, obtained the following summary from FINRA’s website, under “Disciplinary and Other FINRA Actions March 2015.” Michael Vincent Borja (CRD #5451360, Miami, Florida) was assessed a deferred fine of $5,000 and suspended by FINRA for 45 days for allegedly proceeding with wire transfer requests, from an imposter […]

Florida-based Soreide Law Group, (888) 760-6552, recently obtained the following summation of information found on FINRA's website under “Disciplinary and Other FINRA Actions March 2015.” Naveen K. Bhagwani (CRD #5423037, West Palm Beach, Florida) was barred by FINRA for alleged unauthorized trades in client’s non-discretionary accounts without the knowledge, authorization, or consent of the clients […]