October 15, 2013

Principal Broker Barred from Supervisory Capacity for Failing to Supervise Markups and Markdowns of Corporate Bonds

FINRA lists the following on their website under “Disciplinary and Other FINRA Actions, October, 2013.”

Robert Noonan Drake (CRD #1213804, Registered Principal, Lakeville, Connecticut)

was fined $5,000 and barred from association with any FINRA member in any principal or supervisory capacity. The National Adjudicatory Council (NAC) imposed the sanctions following appeal of an Office of Hearing Officers (OHO) decision.

These sanctions were based on findings that Drake failed to reasonably supervise markups and markdowns in connection with a registered representative’s sale of corporate bonds at the member firm, which resulted in the firm charging customers excessive and unfair markups and markdowns.

The NAC also found that Drake failed to establish, maintain, and enforce WSPs reasonably designed to ensure timely and accurate TRACE reporting. The NAC found that for a year, no corporate bond trades were reported to TRACE. Further, the firm’s WSPs did not contain a description of any supervisory review to ensure the firm was reporting corporate bond transactions to TRACE. Neither the firm nor Drake, who was the principal responsible for establishing and maintaining the firm’s WSPs, conducted any supervisory reviews to ensure proper reporting to TRACE.
(FINRA Case #2006005378502)

Robert Drake was previously registered with FINRA at the following brokerage firms:

KUHNS BROTHERS SECURITIES CORPORATION
CRD# 47331
LAKEVILLE, CT
07/2003 - 05/2013

AUERBACH, POLLAK & RICHARDSON INC.
CRD# 29824
STAMFORD, CT
11/1998 - 12/2001

LT LAWRENCE & CO., INC.
CRD# 31956
NEW YORK, NY
08/1997 - 07/1998

This ends the summation for the information obtained on FINRA's website.

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.

S H A R E   T H I S   P O S T

Recent Posts

February 18, 2025
CONCORDE INVESTMENTS SERVICES and Bart Harrison

Soreide Law Group, based in South Florida, has filed a FINRA arbitration on behalf of their client (Claimant) against: CONCORDE INVESTMENTS SERVICES, LLC. (Respondent) The Claimant resides in Southwest Florida and maintained a relationship with CONCORDE INVESTMENTS SERVICES and its Financial Advisor, Bart Harrison. The lawsuit alleges that CONCORDE INVESTMENTS SERVICES and Bart Harrison understood […]

February 18, 2025
John Christoforidis Barred by FINRA Following Investigation

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker John Christoforidis (CRD: 2841315, Garden City, New York). Christoforidis previously worked for multiple brokerage firms, including Spartan Capital Securities LLC from 2016 to 2024. Recent regulatory actions disclose that FINRA has barred Christoforidis from the securities industry following his refusal to provide on-the-record testimony […]

February 18, 2025
Joel Freedman Faces Allegations of Unauthorized Trading

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Joel Randy Freedman (CRD#: 1260557, Radnor, Pennsylvania). Freedman has been employed in the securities industry for 40 years and has worked with several firms, including Morgan Stanley (2009-2024). As of April 2024, he is registered with Sanctuary Securities Inc. and Sanctuary Advisors LLC in […]

Contact us Nationwide USA
2401 E. Atlantic Blvd., Suite 305, Pompano Beach, FL 33062
Helping clients recover money across the USA
search
Copyright © 2022 Soreide Law Group, PLLC  |  All Rights Reserved