Montana Broker Suspended by FINRA for Failing to Provide Notice of Activity in Outside Company Involved in Alleged Ponzi Scheme

Soreide Law Group, PLLC, phone (888) 760-6552, has obtained the following summation of information from FINRA’s website, under “Disciplinary and Other FINRA Actions, May, 2014.”

James Daniel Helgeson (CRD #1016562, Billings, Montana)

was given a deferred fine of $5,000 and suspended by FINRA for one month.

According to FINRA's report, allegedly Helgeson did not provide written notice of his affiliation and activities with an outside limited liability company to his firm.

FINRA's findings stated that allegedly Helgeson became an affiliate of the limited liability company and posted non-securities-related Internet ads daily on advertising sites. Helgeson did not update his outside business activity disclosures nor request approval from him firm to engage in any new outside business activities. This prompted a firm inquiry.

According to FINRA, James Helgeson then submitted an outside business activity notification form describing his involvement with the limited liability company for the first time.

FINRA's findings also stated that Helgeson did not receive funds from the limited liability company because of the emergency action the SEC filed against it, its website, and its founder.

The SEC halted the allegedly fraudulent unregistered Ponzi and pyramid scheme perpetrated by the limited liability company, and appointed a receiver to take charge of its assets. Helgeson was not named as a participant in the alleged scheme.

This suspension was in effect from March 17, 2014, through April 16, 2014.
(FINRA Case #2012034109201)

James D. Helgeson was previously registered with the following FINRA firm(s):

KOVACK SECURITIES INC. (CRD# 44848) - BILLINGS, MT
12/2004 - 09/2012

NATIONAL PLANNING CORPORATION (CRD# 29604) - SANTA MONICA, CA
09/2004 - 11/2004

INTERSECURITIES, INC. (CRD# 16164) - ST. PETERSBURG, FL
01/1998 - 10/2004

INTERSECURITIES, INC. (CRD# 16164) - ST. PETERSBURG, FL
02/1997 - 12/1997

AMERICAN INVESTORS COMPANY (CRD# 38) - SAN RAMON, CA
03/1995 - 03/1997

AMERICAN GENERAL SECURITIES INCORPORATED (CRD# 13626) - PHOENIX, AZ
02/1986 - 03/1995

ANCHOR NATIONAL FINANCIAL SERVICES, INC. (CRD# 5774) 05/1988 - 08/1989

CALIFORNIA HARTLAND SECURITIES (CRD# 7900) 12/1981 - 10/1982

This ends the summation of information from FINRA.

We represent clients nationwide before FINRA. If you experienced financial losses because of your broker or financial advisor's recommendations, call Soreide Law Group for a free consultation on how to potentially recover your financial losses: 888-760-6552.