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.
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