Soreide Law Group, based in South Florida, obtained the following complaint from FINRA’s website under, “Disciplinary and Other FINRA Actions, January 2017.”
(Issuance of a disciplinary complaint represents FINRA’s initiation of a formal proceeding in which findings as to the allegations in the complaint have not been made, and does not represent a decision as to any of the allegations contained in the complaint. Because these complaints are unadjudicated, you may wish to contact the respondents before drawing any conclusions regarding the allegations in the complaint.)
Noble Financial Capital Markets (CRD #15768, Boca Raton, Florida) and Nicolaas Petrus Pronk (CRD #1726101, Boca Raton, Florida)
were named respondents in a FINRA complaint alleging they solicited clients to purchase nearly a million shares of a company’s common stock without disclosing Noble Financial Capital Markets’ multiple and material conflicts of interest.
The FINRA complaint alleges that Noble Financial Capital Markets and Pronk knowingly or recklessly failed to inform the clients of the firm’s Advisory and Warrant Agreements with the company and the compensation it received and anticipated receiving. Also, it is alleged that Noble Financial Capital Markets and Nicolaas Pronk knowingly or recklessly failed to inform the clients of additional compensation the firm promised its registered representatives for promoting, recommending and selling the company’s stock, and of Noble Financial Capital Markets’ speculative arbitrage strategy in the company’s securities that created a financial incentive for the firm and Pronk to recommend the company’s stock.
Noble Financial Capital Markets allegedly effected short sales of the company’s stock without finding either a borrow or locate for the short sales.
FINRA’s complaint further alleges that the firm issued research reports that failed to disclose that it had a current client relationship with the company, and it expected to receive or intended to seek compensation from its investment-banking activities with the company in the three months that followed the issuance of the research reports.
(FINRA Case #2013035740901)
If you were a client of broker Nicolaas Petrus Pronk and/or Noble Financial Capital Markets of Boca Raton, Florida, call the Pompano Beach, Florida based Soreide Law Group and speak to a Securities Lawyer regarding the possible recovery of your investment losses at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA and we operate on a contingency fee basis.
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