Fort Lauderdale-based Soreide Law Group, (888) 760-6552, recently obtained the following summary of information located on FINRA’s website, under “Disciplinary and Other FINRA Actions, August, 2014.”
79 Capital Securities, LLC (CRD #145511, Orlando, Florida) and Michael Maurice Ward (CRD #2853262, Orlando, Florida)
79 Capital Securities was censured and fined $25,000, jointly with Michael M. Ward by FINRA. Also, Ward was suspended for 20 days. According to FINRA, Ward, on 79 Capital Securities’ behalf, allegedly posted on the website sales material regarding a renewable secured debentures, which is an illiquid and high-risk alternative investment, that was misleading. It was also alleged they omitted material information concerning the debentures.
FINRA's findings stated that Ward, on behalf of 79 Capital Securities, approved transactions to purchase the debentures and also failed to record basic identifying and financial information. No new account forms had been prepared for the clients.
FINRA's findings said 79 Capital Securities and Ward permitted an employee to sell $250,000 of the debentures before FINRA’s approval of his application for registration. 79 Capital Securities later reversed this transaction and refunded the client’s funds. FINRA found that 79 Capital Securities and Ward failed to enforce the firm’s written supervisory procedures (WSPs). Michael Ward signed the agreements as a principal of 79 Capital Securities.
The suspension was in effect from July 21, 2014, through August 9, 2014. (FINRA Case #2013035565002)
Michael Maurice Ward, according to FINRA's BrokerCheck, is currently registered with the following securities firm:
79 CAPITAL SECURITIES, LLC (CRD# 145511)
37 N. ORANGE AVE, SUITE 201, ORLANDO, FL 32801 Registered with this firm since 09/2011
Michael Maurice Ward was previously registered with the following securities firm(s):
Registered Dates Firm
09/1997 - 02/2010 INTERNATIONAL ASSETS ADVISORY, LLC (CRD# 10645) - ORLANDO, FL
03/2008 - 12/2008 I(DEA) GROUP SECURITIES LLC (CRD# 145739) - WINTER PARK, FL
Call (888) 760-6552 for a free consultation with an attorney at Soreide Law Group if you feel your losses are due to your stock broker or financial advisor's recommendations. We represent clients nationwide before FINRA.
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