Texas Broker Suspended by FINRA for Accepting (and Failure to Repay) Loans from Clients

Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2013.”

Jeffrey Elliott Ludwick (CRD #2267071, Registered Representative, San Antonio, Texas)

was suspended from association with any FINRA member in any capacity for three months. In light of Ludwick’s financial status, no monetary sanction has been imposed. Without admitting or denying the findings, Ludwick consented to the described sanction and to the entry of findings that he accepted a total of $25,000, in separate loans, from his customer, and, at the time of the loans, Ludwick was aware that his member firm’s policies and procedures prohibited borrowing money from customers.

FINRA's findings stated that the initial loan of $20,000 had a corresponding promissory note and the second loan of $5,000 did not have a corresponding promissory note. To date, Ludwick has failed to repay any of the loan amounts to the customer.

Also, FINRA's findings stated that Ludwick misrepresented that he was in compliance with the firm’s policies and procedures.
The suspension is in effect from May 20, 2013, through August 19, 2013.
(FINRA Case #2012034017101)

According to information listed on FINRA's BrokerCheck, Jeff Ludwick was previously registered with FINRA at the following brokerage firms:

USAA FINANCIAL ADVISORS, INC.
CRD# 129035
SAN ANTONIO, TX
03/2010 - 11/2012

WELLS FARGO ADVISORS, LLC
CRD# 19616
SAVANNAH, GA
06/2007 - 02/2010

CITIGROUP GLOBAL MARKETS INC.
CRD# 7059
SAVANNAH, GA
08/2001 - 07/2007

This ends the information obtained from FINRA’s website.

Soreide Law Group represents clients nationwide before FINRA. If you have sustained investment losses due to your stock broker/financial advisor’s recommendations, call for a free consultation with an attorney on how to potentially recover those losses: 888-760-6552.