The Financial Industry Regulatory Authority (“FINRA”) issued a 45 day suspension and $5,000 fine to PlanMember Securities Corporation broker Raymond Menna (CRD#: 1918097, Farmingville, New York, New York). Evidently, Menna, who worked for PlanMember Securities Corporation from August 12, 2010 to May 30, 2019, executed an Acceptance, Waiver and Consent (“AWC”) on August 3, 2018. This AWC, accepted by FINRA August 22, 2018, contains FINRA’s findings of Menna violating FINRA Rules because he allegedly shared in a client’s losses. Here’s more on the AWC:
Raymond Menna Allegedly Shares In Client Losses Without Telling PlanMember
FINRA says in the AWC that Menna violated FINRA Rule 2150. Evidently, this rule prohibited Menna from sharing in a client’s losses unless Menna had the employer’s written consent, the client’s written consent, and the client was not an immediate family member. Not only that, but Rule 2150 prohibited Menna from sharing losses not in direct proportion to the amounts contributed.
Apparently, a client who invested through Menna sustained serious trading losses from 2001 to 2016. Eventually, losses and withdrawals depleted the client’s account. At that point Menna allegedly agreed to make monthly payments to the client. FINRA says that Menna paid the client from April 2016 to October 2017 without telling PlanMember Securities Corporation.
In addition, FINRA says Menna violated FINRA Rule 2010 because he provided inaccurate information to PlanMember on a compliance questionnaire. Apparently, Menna completed inaccurate compliance questionnaires in 2016 and 2017 by failing to come clean on sharing in the client’s losses.
PlanMember Client Files FINRA Arbitration Suggesting Menna Made Unauthorized Trades
Evidently, a client of PlanMember Securities Corporation brought up Menna’s allegedly bad sales practices in FINRA Arbitration #: 17-02977. The client alleged that Menna made unauthorized trades. Supposedly, Menna purchased or sold OTC equities and stocks without the client’s permission. Secondly, the client alleged that Menna did not invest the client’s assets in products that were suitable. That is, he supposedly purchased investments that did not fit the client’s financial circumstances or investment objectives. Finally, the client contended that Menna misrepresented facts, and failed to disclose pertinent facts, when he traded in the client’s account. It appears that PlanMember Securities Corporation opted to settle this matter on May 4, 2017 by paying the client $260,000.
Prime Capital Services Client Brings Dispute About Raymond Menna Failing To Follow Instructions
BrokerCheck shows that Menna worked for Prime Capital Services before joining PlanMember Securities Corporation. Evidently, a Prime Capital Services disputed Menna’s sales practices December 1, 2008. Mainly, the client contended that Menna did not follow the client’s instructions. Allegedly, Menna failed to allocate the client’s account in principal-protected investments. However, Prime Capital Services denied the client’s claim.
Investment Loss Lawyers
Have you experienced losses by investing with PlanMember Securities Corporation broker Raymond Menna? If so, 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 law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.