The Financial Industry Regulatory Authority (FINRA) has fined StateTrust Investments Inc., Miami, FL, over $1 million and firm’s broker, Jose Luis Turnes, was fined $75,000 and suspended for six months as a result of a FINRA investigation into the company exaggerating the markups and markdowns on corporate bonds and in 85 instances, the company misled and defrauded customers. From March 2007 until June 2010, StateTrust corrupted aproximately 563 corporate bond transactions, violating FINRA Rule 2010, the Standards of Commercial Honor and Principles of Trade provision.
FINRA states in the settlement that Jose Turnes charged in the range of “8 percent to over 23 percent away from the prevailing market price,” which equals about $125,000, as noted in the FINRA settlement.
StateTrust Investments Inc., from Feb. 2007 to Oct. 2012, was also fined a total of $50,000 for charges including four counts of Trade Reporting and Compliance Engine (TRADE) reporting deficiencies with two of those counts running concurrently with “related supervisory deficiencies.” A similar supervisory charge was filed in relation to Jose Turnes. For failure to properly supervise Turnes, StateTrust Chief Compliance Officer Jeffrey Cimbal was fined $20,000 and was suspended for five months.
If you feel your stock account was inappropriately marked-up or marked-down, Soreide Law Group offers a free consultation and portfolio analysis to decide if you have legal grounds to pursue a FINRA arbitration. To speak with a lawyer call (888) 760-6552.
Investors potentially experienced sales practice violations by securities broker Matthew R. Carbray [CRD: 4565811, Northampton, Massachusetts], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Carbray has worked for Kestra Investment Services LLC since July 21, 2006, and Kestra Advisory Services LLC since April 19, 2016. Continue reading to learn more about Carbray’s […]
Investors apparently complained about securities broker Juan Pablo Benavides [CRD: 4288007, Miami, Florida], given the public information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Benavides has worked for Merrill Lynch as a securities broker since November 22, 2000, and as a financial advisor since March 15, 2004. See below to find out more about […]
Investors potentially incurred losses because of securities broker Sandy Meyer Leff [CRD: 1796695, Atlanta, Georgia], according to information disclosed through Financial Industry Regulatory Authority (FINRA) BrokerCheck. Leff has worked for Carter Terry Company Inc. as a securities broker since October 6, 2016, and as a financial advisor since October 21, 2016. Keep reading to discover […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com