The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, December, 2012.”
Shari Robin Frimer (CRD #2503895, Registered Representative, Eastport, New York) and Thomas Joseph Heaphy Jr. (CRD #2540325, Registered Representative, Boynton Beach, Florida)
submitted an Offer of Settlement in which Frimer was fined $32,407.50, which
includes disgorgement of financial benefits of $17,407.50, and suspended from association with any FINRA member in any capacity for seven months. The amount of the fine has been reduced to reflect Frimer’s payment of a $20,000 fine to the State of Florida Office of Financial Regulation. Heaphy was fined $40,827.50, which includes disgorgement of financial benefits of $30,827.50, and suspended from association with any FINRA member in any capacity for nine months.
Without admitting or denying the allegations, Frimer and Heaphy participated
in private securities offerings by selling securities offerings to customers and receiving selling compensation for their sales.
FINRA’s findings stated that prior to participating in the private securities transactions, Frimer and Heaphy did not provide written notice to their
member firm and did not receive the requisite approval from their firm to participate in the transactions.
FINRA reported that Frimer’s and Heaphy’s participation in the transactions was outside the regular scope or course of their employment with their firm. The findings also stated that Frimer guaranteed, in writing, to a customer that he would be able to sell shares of a stock within a certain time period for his cost to acquire them.
The findings also included that Frimer sent, or caused to be sent, marketing newsletters regarding a company to firm customers, without requesting or receiving the firm’s approval to disseminate the newsletters. The newsletters were not fair and balanced, failed to provide a sound basis for evaluating the facts in regard to the company, and contained exaggerated, unwarranted,
and misleading claims and unreasonable and unwarranted forecasts.
FINRA found that Heaphy willfully failed to timely amend his Form U4 to disclose a material fact, a lien placed on his property for unpaid taxes, and willfully failed to disclose the material fact on the Form U4 that a member firm filed for him.
Frimer’s suspension is in effect from November 5, 2012, through June 4, 2013. Heaphy’s suspension is in effecfrom November 5, 2012, through August 4, 2013. (FINRA Case #2008012059501)
This ends the information from FINRA’s website.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: https://www.securitieslawyer.com.