Fort Lauderdale-based Soreide Law Group, (888) 760-6552, obtained this summation of information from FINRA’s website listed under “Disciplinary and Other FINRA Actions, March, 2014.”
Jeffrey Griffin Lane (CRD #1663977, Registered Principal, Darien, Connecticut) and Robert Marcus Lane Jr. (CRD #1411773, Registered Principal, North Palm Beach, Florida)
FINRA has fined Jeffrey Lane $25,000, barred him from association with any FINRA member in any principal or supervisory capacity, and suspended Jeffrey Lane from association with any FINRA member in any capacity for two years.
FINRA has ordered Marcus Lane to pay $218,581 plus interest in disgorgement to clients, and barred him from association with any FINRA member in any capacity.
Sanctions were imposed by the NAC after an appeal of an Office of Hearing Officers (OHO) decision. These sanctions were because allegedly Marcus Lane engaged in an improper interpositionings. It is alleged that he charged clients unfair prices and excessive markups and failed to disclose the markups.
According to FINRA's findings, Jeffrey Lane was responsible for supervising Marcus Lane and failed to question the markups charged to clients. Jeffrey Lane allegedly, also prepared deficient WSPs regarding procedures on monitoring for excessive markups.
Jeffrey Lane and Marcus Lane failed to respond to FINRA requests for information in a timely manner. This decision was appealed to the SEC and the sanctions, except for the bars, are not in effect pending review.
(FINRA Case #2007008204901)
Jeffrey Lane was previously registered with the following FINRA firm(s):
GREENWICH HIGH YIELD LLC (CRD# 38213) - NORTH PALM BEACH, FL
04/1995 - 04/2009
CREDIT RESEARCH AND TRADING LLC (CRD# 28830) - STAMFORD, CT
03/1992 - 08/1995
PRUDENTIAL SECURITIES INCORPORATED (CRD# 7471) - NEW YORK, NY
06/1990 - 06/1991
DEAN WITTER REYNOLDS INC. (CRD# 7556) - PURCHASE, NY
10/1989 - 06/1990
DEAN WITTER REYNOLDS INC. (CRD# 7556) - PURCHASE, NY
12/1988 - 09/1989
HAMBRECHT & QUIST INCORPORATED (CRD# 940) 08/1987 - 08/1988
BEAR, STEARNS & CO. INC. (CRD# 79) 04/1987 - 06/1987
Robert Lane was previously registered with the following FINRA firm(s):
GREENWICH HIGH YIELD LLC (CRD# 38213) - NORTH PALM BEACH, FL
04/1995 - 04/2009
CREDIT RESEARCH AND TRADING LLC (CRD# 28830) - STAMFORD, CT
03/1992 - 02/1995
ACCESS SECURITIES, INC. (CRD# 22455) - STAMFORD, CT
01/1990 - 04/1992
S.N. PHELPS & CO. (CRD# 18341) 10/1988 - 12/1989
CS FIRST BOSTON CORPORATION (CRD# 816) 10/1985 - 02/1988
This ends the summation of information available on FINRA's website.
Soreide Law Group, represents clients nationwide. For a consultation with a securities attorney at no charge, call (888) 760-6552.
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