CRAIG JAY SHERMAN Suspended

Soreide Law Group obtained the following information from FINRA’s January of 2022 Disciplinary Report on the former WYNSTON HILL CAPITAL LLC of Fletcher, North Carolina, broker:
CRAIG JAY SHERMAN (CRD #5670193, Fletcher, North Carolina)
On November 12, 2021, an AWC was issued in which CRAIG JAY SHERMAN was assessed a deferred fine of $5,000, suspended from association with any FINRA member in any principal capacity for four months (November 15, 2021, through March 14, 2022) and required to attend and satisfactorily complete 40 hours of continuing education concerning supervisory responsibilities.
Without admitting or denying FINRA’s findings, CRAIG JAY SHERMAN consented to the sanctions and to the entry of findings that he allegedly failed to reasonably discharge supervisory responsibilities assigned to him by his member firm’s WSPs, including to reasonably investigate potential churning or excessive trading by two of the firm’s registered representatives and to review representatives’ emails.
FINRA’s findings alleged that CRAIG JAY SHERMAN did not identify that the two representatives were excessively trading client accounts, ultimately charging those clients more than $300,000 in excess commissions and fees in less than six months.
According to the FINRA report, Sherman allegedly failed to reasonably investigate red flags of excessive trading even when they were specifically presented to him. In failing to conduct any reviews of representatives’ emails, Sherman allegedly failed to discover red flags that the two representatives were recommending securities transactions in the accounts despite not being registered in the clients’ home states and that a third representative falsified the firm’s books and records to reflect that he was the clients’ registered representative of record when he was not the one making securities recommendations to the clients.
FINRA also alleges that CRAIG JAY SHERMAN failed to investigate red flags that the two representatives were recommending securities transactions to clients located in states where they were not registered.
(FINRA Case #2019060648801)
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, CRAIG JAY SHERMAN has been in the securities industry for 8 years and was listed with 3 firms. He has 2 Disclosures on his FINRA CRD report.
If you or a loved one have suffered financial losses due to the actions or recommendations of CRAIG JAY SHERMAN formerly with WYNSTON HILL CAPITAL LLC of Fletcher, North Carolina, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis, no cost to you if no recovery, and represents our clients nationwide before FINRA.