Virginia Broker Fined and Suspended by FINRA Over Annuity Transaction

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

Elmer Wayne Bullis (CRD #1718482, Registered Representative, Richmond, Virginia)

was fined $15,000 and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the findings, Bullis consented to the described sanctions and to the entry of findings that he recommended that his customers, a married couple, combine their existing annuities into new deferred variable annuities.

FINRA's findings stated that the customers met with Bullis, their broker, to complete the applications for these transactions and sign several documents; some of the documents completed and signed that day were incomplete or inaccurate. Some documents also contained incomplete and inaccurate information, were confusing and misleading, and did not disclose the name of the broker's member firm.

The customers emailed Bullis and made several complaints, including that Bullis had churned the customers’ accounts, that certain annuities had never been discussed as part of the consolidation, and that the transactions had resulted in losses to the customers of $156,000.

FINRA found that Bullis failed to report this complaint to his firm.
The suspension is in effect from July 1, 2013, through September 30, 2013. (FINRA Case #2011028898803)

Elmer Wayne Bullis was previously registered with FINRA at the following brokerage firms, according to FINRA's BrokerCheck:

NEXT FINANCIAL GROUP, INC.
CRD# 46214
RICHMOND, VA
06/2006 - 09/2012

TOWER SQUARE SECURITIES, INC.
CRD# 833
RICHMOND, VA
08/2004 - 07/2006

INVESTORS SECURITY COMPANY, INC.
CRD# 2331
SUFFOLK, VA
02/2000 - 08/2004

This ends the information obtained on FINRA’s website.

Call Soreide Law Group for a free consultation with an attorney on how to potentially recover your investment losses recommended by your broker: 888-760-6552.

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

Elmer Wayne Bullis (CRD #1718482, Registered Representative, Richmond, Virginia)

was fined $15,000 and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the findings, Bullis consented to the described sanctions and to the entry of findings that he recommended that his customers, a married couple, combine their existing annuities into new deferred variable annuities.

FINRA's findings stated that the customers met with Bullis, their broker, to complete the applications for these transactions and sign several documents; some of the documents completed and signed that day were incomplete or inaccurate. Some documents also contained incomplete and inaccurate information, were confusing and misleading, and did not disclose the name of the broker's member firm.

The customers emailed Bullis and made several complaints, including that Bullis had churned the customers’ accounts, that certain annuities had never been discussed as part of the consolidation, and that the transactions had resulted in losses to the customers of $156,000.

FINRA found that Bullis failed to report this complaint to his firm.
The suspension is in effect from July 1, 2013, through September 30, 2013. (FINRA Case #2011028898803)

Elmer Wayne Bullis was previously registered with FINRA at the following brokerage firms, according to FINRA's BrokerCheck:

NEXT FINANCIAL GROUP, INC.
CRD# 46214
RICHMOND, VA
06/2006 - 09/2012

TOWER SQUARE SECURITIES, INC.
CRD# 833
RICHMOND, VA
08/2004 - 07/2006

INVESTORS SECURITY COMPANY, INC.
CRD# 2331
SUFFOLK, VA
02/2000 - 08/2004

This ends the information obtained on FINRA’s website.

Call Soreide Law Group for a free consultation with an attorney on how to potentially recover your investment losses recommended by your broker: 888-760-6552.