Stephen Paul Tommelleo (CRD #1597585, Registered Principal, Boca Raton, Florida)
submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000, suspended from association with any FINRA member in any capacity for three months and ordered to pay $14,990, plus interest, in restitution to a customer.
Without admitting or denying the findings, Tommelleo consented to the described sanctions and to the entry of findings that he borrowed money from customers without his member firm’s authorization and contrary to his firm’s WSPs, which did not permit loans between registered representatives and their customers.
These findings also stated that Tommelleo completed two firm annual compliance attestations indicating he had not and would not borrow money
from any firm customer. Tommelleo borrowed a total of $34,875 and repaid the customers a total of $5,800. One customer sued Tommelleo in state court for $15,000 and another was not repaid at all.
The suspension is in effect from August 6, 2012, through November 5, 2012. (FINRA Case #2010025098401)
The above information is from FINRA’s website listed under “Disciplinary and Other FINRA Actions, September, 2012.”
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your losses call: 888-760-6552, or you may visit our website and complete the online form at: https://www.securitieslawyer.com.
