The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor John Swon from the securities industry. Mr. Swon was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after a customer complained that Mr. Swon misappropriated or mismanaged funds entrusted to him as an investment advisory representative…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Juan Ceja from the securities industry. Mr. Ceja was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after PFS Investments, Inc. discharged Mr. Ceja in February 2021 and alleged that he “submitted term life insurance applications with…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Stuart Pearl from the securities industry for three months. Mr. Pearl consented to the suspension after FINRA alleged that from March 2017 and August 2018, while associated with David A. Noyes & Company (now Sanctuary Securities, Inc.) in Indianapolis, Indiana, he recommended the purchase of…
Continue reading ›On July 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) and broker Christopher Orlando entered into a Letter of Acceptance, Waiver, and Consent No. 2017056432603 after FINRA alleged that from October 2015 through December 2018, Mr. Orlando excessively traded 13 accounts of 12 customers in violation of Rules 2111 and Rule 2010. The alleged conduct…
Continue reading ›On July 1, 2021, a day after incurring a record-breaking $70 million from its regulator, FINRA, Robinhood filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”) indicating its intention to go public. The IPO filing reveals that the company plans to list its share on the Nasdaq stock exchange under the symbol…
Continue reading ›On June 30, 2021, the Financial Industry Regulatory Authority (“FINRA”) announced that it ordered Robinhood Financial LLC to pay approximately $70 million for systemic supervisory failures and significant harm suffered by millions of customers. The sanctions included an order to pay a $57 million fine and $12.6 million in restitution, plus interest, to thousands of…
Continue reading ›On June 29, 2021, the Financial Industry Regulatory Authority (“FINRA”) and a Joseph Stone Capital L.L.C. stockbroker entered into a Letter of Acceptance, Waiver, and Consent No. 2020066888001 whereby the broker consented to a three-month suspension, $5,000 fine, and to pay $7,653.21 in restitution to a customer. The broker consented to the sanctions after FINRA…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Matthew Alexander Perry (“Alex Perry”) from the securities industry. Mr. Perry was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation after Mr. Perry received a customer complaint alleging he failed to follow a customer’s stated goals and failed to disclose risks…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Kevin McCallum from the securities industry for one year. Mr. McCallum consented to the suspension after FINRA alleged that from May 2017 through June 2019, while associated with LPL Financial LLC in Birmingham, Alabama, he made unsuitable recommendations to 12 customers, resulting in their overconcentration…
Continue reading ›A FINRA arbitrator in Jackson, Mississippi, has found E*Trade Securities LLC liable for failing to execute a trade properly and ordered the online brokerage firm to pay its customer over $31,000 (the “Award”). According to the Award, the customer, Mr. David White, filed a claim against E*Trade in early February 2021, alleging that the firm…
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