Soreide Law Group, PLLC, a Securities Arbitration Law Firm, (888) 760-6552, found the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, April, 2013.”
John Michael Babiarz (CRD #3047247, Registered Principal, Peabody, Massachusetts)
was fined a total of $20,000 and suspended from association with any FINRA member in any capacity for a total of 90 business days. The sanctions were based on findings that Babiarz settled customer complaints without his member firm’s knowledge or approval.
FINRA's findings stated that Babiarz deceived his firm by concealing the customer complaints which kept the firm from participating in or approving the settlements. Babiarz’s actions delayed the regulatory filings requiring the disclosure of complaints and settlements.
These findings also stated that Babiarz caused solicited trading orders to be miscoded as unsolicited and miscoded order tickets in customer accounts. Consequently, the firm’s trade confirmations sent to customers, generated from the order entry information, falsely identified solicited orders as unsolicited. Due to Babiarz’s misconduct, the firm’s books and records, including the orders and trade confirmations, were inaccurate and contained false information.
FINRA's findings also included that Babiarz exercised discretion in customer accounts without written authorization. These customers gave Babiarz verbal grants of discretion but none of them provided Babiarz with written authorization to exercise discretion. Babiarz’s firm never accepted the accounts as discretionary. During the time Babiarz was employed by the firm, it prohibited its registered representatives from exercising discretion in customer accounts. Babiarz concealed the discretionary nature of his trading from his firm for almost four years.
The suspensions are in effect from February 19, 2013, through June 26, 2013. (FINRA Case #2009018486401)
It was listed on FINRA's BrokerCheck that this broker was previously registered with FINRA at the following brokerage firms:
BISHOP, ROSEN & CO., INC.
CRD# 1248
NEWTON, MA
11/2009 - 09/2011
CAPITOL SECURITIES MANAGEMENT, INC.
CRD# 14169
WORCESTER, MA
06/2009 - 07/2009
JESUP & LAMONT SECURITIES CORP
CRD# 39056
WORCESTER, MA
11/2004 - 06/2009
This ends the information from FINRA’s website.
If you have experienced a financial loss due to your broker/financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.
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