David Louis Bocchino (CRD #3168609, Registered Representative, Bradenton, Florida)
was fined $7,500, which includes disgorgement of $2,850 in commissions, and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the findings, Bocchino consented to the described sanctions and to the entry of findings that he became licensed with a company that underwrites life settlement contracts and, while registered with his firm,sold a $30,000 unregistered security to an individual.
The FINRA findings stated that the customer was to use the funds to purchase issued life insurance policies, and upon the death of the insureds, receive a portion of the death benefit from each policy. The individual used
funds from his individual retirement account (IRA) at another firm to make the investment.
It was stated that Bocchino received $2,850 in commissions in connection with the transaction. The FINRA findings also stated that Bocchino failed to provide his firm with prior written notice and failed to obtain his firm’s written approval concerning the transaction although the firm’s WSPs
explicitly prohibited the sale of life settlements.
This suspension is in effect from May 21, 2012, through August 20, 2012. (FINRA Case #2010023743901)
This information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2012."
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