The following appeared on FINRA's website under, "“Disciplinary and Other FINRA Actions, September, 2012.”
Andrew Glen Rosenberg (CRD #2944124, Registered Principal, Weston, Florida)
submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the findings, Rosenberg consented to the described sanctions and to the entry of findings that he performed legal services for an issuer through his law practice, a sole proprietorship, and received approximately $98,000 in compensation.
These findings stated that for approximately 18 months, Rosenberg, acting through his company, presented and/or sold approximately $4.5 million worth of the issuer’s notes and debentures to investors, most of whom were his member firm’s customers.
Rosenberg failed to disclose to the investors that he was providing legal services for compensation to the issuer, thereby negligently failing to disclose a material fact to the investors. The findings also stated that Rosenberg advised his firm of his law practice on an outside business activities form and represented he was unaware of any potential conflicts of
interest, but failed to promptly notify his firm through an amended form that he, through his law practice, was providing legal services for compensation to the issuer, an entity whose securities he was selling to investors, including firm customers.
This suspension is in effect from August 6, 2012, through November 5, 2012. (FINRA Case #2009018649001)
The following information appears on FINRA's website under BrokerCheck.
ANDREW GLEN ROSENBERG CRD# 2944124
The following was a portion of the information listed under Regulatory Action Initiated by FINRA from July, 2012:
"ROSENBERG FAILED TO DISCLOSE THE INVESTORS THAT HE WAS PROIDING LEGAL SERVICES FOR COMPENSATION TO THE ISSUER, THEREBY NEGLIGENTLY FAILING TO DISCLOSE A MATERIAL FACT TO THE INVESTORS. ROSENBERG ADVISED HIS FIRM OF HIS LAW PRACTICE ON AN OUTSIDE BUSINESS ACTIVITIES FORM AND REPRESENTED HE WAS UNAWARE OF ANY CONFLICTS BUT FAILED TO PROMPTLY NOTIFY HIS FIRM THROUGH AN AMENDED FORM THAT HE, THROUGH HIS LAW PRACTICE WAS PROVIDING LEGAL SERVICES FOR COMPENSATION TO THE ISSUER, AN ENTITY WHOSE SECURITIES HE WAS SELLING TO INVESTORS, INCLUDING HIS FIRM CUSTOMERS."
Rosenberg has neither admitted nor denied these allegations. He did consent to the described sanctions and to the entry of findings.
Rosenberg was listed on BrokerCheck as being currently employed by Securities America, Inc., Securities America Advisors, and Focus Wealth Management, LLC, all of Sunrise, FL.
Please note, on Brokercheck, if a Broker is no longer registered with FINRA, they are not required to register their current employment.
If you were a client of Andrew Glen Rosenberg, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website and complete our online form at: https://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
