FINRA Bars NICHOLAS MADDOX of Laguna Niguel California

The Financial Industry Regulatory Authority (“FINRA”) barred TCFG Wealth Management securities broker Nicholas Maddox (CRD#: 4732456, Laguna Niguel, California). Evidently, Maddox was either unresponsive to FINRA’s requests or did not comply with FINRA in its investigation. Here’s what we know so far:

TCFG Wealth Management Terminates Nicholas Maddox For Allegedly Violating FINRA Rules

The FINRA BrokerCheck Report for Maddox shows that TCFG Wealth Management, a broker Maddox briefly worked for in 2018, disaffiliated with Maddox on August 2, 2018. Apparently, TCFG Wealth Management (a brokerage firm regulated by FINRA) noted troubling allegations against Maddox when it discharged him. Specifically, the firm claimed that Maddox violated FINRA Rule 8210 by not submitting to FINRA’s requests.

When a broker violates FINRA Rule 8210, it is a big deal. Namely, Rule 8210 authorizes FINRA to require a broker turn over books, records, information or documentation as part of a FINRA investigation. Additionally, FINRA can require brokers to testify about any alleged misconduct against them which raise questions about violations of FINRA Rules. Apparently, TCFG Wealth Management stated that it terminated Maddox because of his failure to comply with FINRA Rules.

J.P. Morgan Securities LLC Customer Files Complaint Suggesting Maddox Gave Bad Advice

FINRA’s investigation or inquiry could concern an investor’s complaint suggesting Maddox engaged in sales practice violations. Specifically, on November 10, 2017, a customer of J.P. Morgan Securities LLC filed an investment-related dispute. Supposedly, Maddox gave the customer bad investment advice about common and preferred stock. Allegedly, the customer suffered losses by following Maddox’s investment advice. However, J.P. Morgan Securities denied the customer’s allegations on December 5, 2017.

FINRA Suspends, Then Bars Nicholas Maddox For Failing To Respond

 

Evidently, Maddox was investigated on or around 2018. During this time, FINRA asked Maddox for information; however, Maddox did not respond. As a result, FINRA suspended Maddox on September 17, 2018. In the three months following FINRA’s issuance of a Notice of Suspension to Maddox, he did not request a termination of his suspension. Because of this, FINRA converted Maddox’s suspension to an indefinite bar. This means Maddox cannot, under any circumstances, associate with any FINRA member.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Apparently, Maddox worked for J.P. Morgan Securities LLC from 2012 to 2016; U.S. Bancorp Investments, Inc. from 2016 to 2018; and TCFG Wealth Management in 2018. Experienced losses by investing with securities broker Nicholas Maddox? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.