Wray Rodgers Discloses Sanctions, Investor Disputes

Soreide Law Group is currently investigating potential claims on behalf of investors who may have incurred losses due to the activities of D. Wray Rodgers (also known as D. Ray Rodgers and Wray Rodgers) (CRD# 2842993, Memphis, Tennessee). Rodgers worked for Vining-Sparks IBG, LLC from February 18, 1997, to May 20, 2022. Specifically, the Financial Industry Regulatory Authority (FINRA) recently sanctioned Rodgers for a refusal to provide testimony concerning the alleged misuse of client funds. Additionally, Rodgers has been involved in a client dispute.

FINRA Sanctioned Rodgers For Refusal To Appear For Testimony

Evidently, on June 7, 2023, the Financial Industry Regulatory Authority (FINRA) issued Case: 2023078315401, sanctioning Wray Rodgers. FINRA alleged that Rodgers refused to appear for on-the-record testimony during its investigation into whether he engaged in an outside business activity (OBA) without notifying Vining-Sparks IBG, LLC, his employing firm at the time. Moreover, FINRA was investigating whether Rodgers misused client funds. The resolution was Acceptance, Waiver & Consent (AWC), and Rodgers neither admitted nor denied the findings but consented to the sanction.

Wray Rodgers Disclosed Allegations Of Risk Misrepresentation By Vining Sparks Client

Also, a client of Vining Sparks IBG, LP contested Wray Rodgers's sales practices by filing FINRA Arbitration: 11-03129. Allegedly, Rodgers did not properly disclose the risks associated with the purchase of FNMA and FHLMC preferred shares amounting to $1,892,500. Additionally, it appears that Rodgers erroneously represented that these securities were government-backed. Consequently, the client alleged damages of $1,892,500. Therefore, Vining Sparks IBG, LP & ICBA Securities opted to settle the matter on August 19, 2013, by compensating the client in the amount of $105,000. Importantly, Wray Rodgers was officially dismissed from all claims filed by the client upon the final settlement of the arbitration.

Sustained Financial Losses Due To Rodgers? Take Action Now

If you were an investor who worked with D. Wray Rodgers and have sustained financial losses, you may be eligible for a recovery action. Specifically, to learn more, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney today. Soreide Law Group has successfully recovered money for investors across the United States. We operate on a contingency fee basis and advance all necessary costs. Rodgers and the brokerage firms he worked for deny any allegations of sales practice violations.