Investors reportedly may have incurred losses due to securities broker Sanford Graham Simmons (also known as Sandy Simmons) [CRD: 1018907, Castle Rock, Colorado], according to disclosures on FINRA BrokerCheck. According to the regulator, Sanford Simmons worked for Saxony Securities Inc. from January 3, 2023, to October 2, 2024. Previously, he was employed at Patrick Capital Markets LLC from March 22, 2021, to December 31, 2022, and Colorado Financial Service Corporation from February 8, 2021, to March 23, 2021. Keep reading to learn more about the securities broker’s disclosures.
FINRA Sanctioned Simmons for Refusing Testimony
Particularly, on October 17, 2024, FINRA issued Case: 2021071851101 sanctioning Sanford Simmons. Notably, FINRA alleged that Simmons refused to appear for testimony requested by FINRA in connection with an ongoing investigation.
According to the Letter of Acceptance, Waiver, and Consent (AWC) submitted by Simmons, he worked for Patrick Capital Markets LLC as a General Securities Representative from June 2018 through April 2020.
On July 25, 2024, FINRA requested Simmons to provide testimony. On September 16, 2024, his lawyer informed FINRA that Simmons would not comply with the request.
FINRA Rule 8210(a) requires individuals associated with FINRA employers to provide testimony when requested for investigations. Under FINRA Rule 8210(c), failure to comply with such requests is prohibited. A violation of this rule also constitutes a violation of FINRA Rule 2010.
By refusing to provide testimony, Simmons violated FINRA Rules 8210 and 2010, leading to his permanent bar from associating with any FINRA employer in any capacity. The bar became effective upon acceptance of the AWC by FINRA.
Client of Patrick Capital Markets Alleged Breach of Fiduciary Duty
On October 3, 2024, a client brought FINRA Arbitration No. 24-01966 regarding Sanford Simmons. Mainly, the client alleged that Simmons breached a fiduciary duty to the client when recommending a private placement. Because of this, the client requested $102,000 in this ongoing matter.
Are you looking for more information about Sanford Simmons? If you incurred losses, reach out to Soreide Law Group online or at (888) 760-6552 and consult with a securities attorney concerning a possible recovery. Soreide Law Group has recovered losses for investors throughout the country, represents clients on a contingency fee basis, and advances all costs. Simmons and brokerage firms Simmons worked for deny any allegations of sales practice violations.
