The following information was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2013,” by Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552.
Glen W. Carnes (CRD #5486261, Registered Representative, Orange, California)
was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Carnes consented to the described sanction and to the entry of findings that he played a key role and was actively involved in the negotiation for him and his member firm client to potentially purchase a shell company through which Carnes and his client planned to acquire at least one other business and obtain a listing on the OTC Bulletin Board TM.
FINRA's findings stated that Carnes participated in this outside business activity without obtaining his firm’s prior approval, contrary to firm policy. The findings also stated that FINRA requested that Carnes provide information and documents related to its investigation concerning the firm’s allegations that Carnes had participated in an unapproved private securities transaction. Carnes’ response included several false and misleading statements that minimized and mischaracterized his involvement with the shell company.
(FINRA Case #2011030775901)
This broker was previously registered with FINRA at the following brokerage firms according to FINRA's BrokerCheck:
LPL FINANCIAL LLC
CRD# 6413
IRVINE, CA
10/2010 - 12/2011
MORGAN STANLEY SMITH BARNEY
CRD# 149777
IRVINE, CA
06/2009 - 10/2010
CITIGROUP GLOBAL MARKETS INC.
CRD# 7059
ORANGE, CA
05/2008 - 06/2009
This ends the information obtained from FINRA's website.
Soreide Law Group represents clients nationwide before FINRA. If you have sustained investment losses due to your stock broker/financial advisor’s recommendations, call for a free consultation with an attorney on how to potentially recover those losses: 888-760-6552.
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