FINRA Disciplinary Actions: August 2019
August 2019 Disciplinary Actions
When brokers violate FINRA rules or federal securities regulations—by stealing customer funds, recommending unsuitable investments, or refusing to provide on-the-record testimony to FINRA—the Financial Industry Regulatory Authority holds them to account. FINRA publicizes disciplinary actions taken against brokers in their monthly round-up. The full August 2019 report can be viewed here.
In the most serious cases of broker fraud or misconduct, FINRA permanently bars brokers from the securities industry. In August, 16 brokers were barred.
Individuals Barred by FINRA:
Broker Name | CRD Number | Location | Circumstances Surrounding Bar |
James F. Anderson | CRD #4803514 | Dakota Dunes, South Dakota | Refused to provide documents to FINRA regarding selling away allegations |
Alberto Sanchez | CRD #4577983 | Ft. Lauderdale, Florida | Refused to provide documents to FINRA regarding “a potential undisclosed outside business activity” |
James Reed Nelson | (CRD #4824535 | Tremonton, Utah | Refused to provide testimony to FINRA after his member firm terminated him for allegedly misrepresenting “customer financial information to the firm in connection with annuity purchases” |
Andrew Manuel Garcia | CRD #6715172 | Indianapolis, Indiana | “converted approximately $3,392 belonging to a customer of his member firm” |
Nicolas Barrios | CRD #2122824 | Lakeland, Florida | Did not provide requested information to FINRA regarding fraud allegations |
Donna Jean Flemming | CRD #1791388 | Littleton, Colorado | “failed to implement an AML [anti-money laundering] compliance program reasonably designed to detect and cause the reporting of suspicious activity in her member firm’s primary business—accepting and liquidating customers’ deposits of microcap securities” |
Nina Sue Jessee | CRD #1484808 | Abingdon, Virginia | “failed to appear for on the-record testimony requested by FINRA in connection with its investigation of customer complaints related to alternative investments and allegations that she failed to disclose an outside business activity” |
Daniel Robert Rozzi | CRD #5319858 | Oakland, New Jersey | “failed to amend his Form U4 to disclose a $14,789 civil judgment entered against him that remains unsatisfied” |
Patrick Neal Foley | CRD #6682164 | Redlands, California | “failed to appear and provide testimony requested by FINRA in connection with an investigation into allegations that he accepted loans from an elderly customer of his member firm” |
Rand Alan Heckler | CRD #2689235 | Glen Cove, New York | “he failed to provide documents and information, and refused to appear for on-the-record testimony, requested by FINRA in connection with its review of a customer complaint alleging unsuitable recommendations, misrepresentations and possible misappropriation” |
George Craig Merhoff Jr. | CRD #2918171 | Klamath Falls, Oregon | “he failed to provide documents and information requested by FINRA in connection with its review of his issuance of consolidated account reports to customers and his making of undisclosed payments to customers” |
John Anthony Vedovino | CRD #6113995 | Pompton Plains, New Jersey | Made purchases using his debit and credit cards and then asked for reimbursement from the bank, claiming someone else used his card |
Amanda Justine Sarabia | CRD #6437164 | El Paso, Texas | Failed to provide information to FINRA regarding allegations that she stole from a coworker at her member firm |
Larry Michael Crabtree | CRD #2479599 | Edmond, Oklahoma | Failed to provide information to FINRA regarding allegations that he stole funds |
Daniel M. Soliman | CRD #6053300 | Staten Island, New York | “failed to appear and provide on-the-record testimony requested by FINRA in connection with its investigation into his trading in customers’ accounts to determine whether he was engaged in conduct that violated federal securities laws or regulations or FINRA rules” |
Gregory John Lane | CRD #1400032 | Waterloo, Illinois | “failed to provide documents and information and refused to appear for and provide on-the-record testimony requested by FINRA during the course of an investigation. The findings stated that that Lane’s member firm had submitted a Form U5 that indicated that at the time of his resignation, he was under internal review by the firm” |
Individuals Suspended:
Broker Name | CRD Number | Location | Duration of Suspension | Circumstances Surrounding Suspension |
Carlos Ricardo Fuenmayor | CRD #4055839 | Key Biscayne, Florida | June 17, 2019 through September 16, 2020 | “as a director and 20 percent owner of his member firm with an option to purchase the remaining 80 percent, he acted as a General Securities Principal and a General Securities Representative without being registered in either capacity” |
Ron Ray Willoughby Jr. | CRD #2425926 | Venice, California | July 1, 2019 through September 30, 2019 | “recommended that his customers roll over a UIT [Unit Investment Trust] before its maturity date in order to purchase a subsequent series of the same UIT, which generally had the same or similar investment objectives and strategies as the prior series” |
Stephen C. Carver | CRD #2230161 | Chillicothe, Illinois | June 17, 2019 through January 16, 2020 | Failed to disclose three tax liens on his Form U4 (Uniform Application for Securities Industry Registration or Transfer) |
Kyung Soo Kim | CRD #5110456 | Houston, Texas | June 17, 2019 through July 16, 2019 | Engaged in an outside business activity (cryptocurrency mining) without firm approval |
Lindsey Lee Burik | CRD #5217229 | Manhasset, New York | July 15, 2019 through January 14, 2020 | Submitted expense reports to member firm which stated that personal meals were for business purposes; requested reimbursement |
Michael Allen Kamperman | CRD #2002603 | Waco, Texas | July 1, 2019, through December 31, 2020 | Recommended unsuitable investments to customer retirement accounts |
Charles Louis Laubach | CRD #1097453 | Bel Air, Maryland | July 15, 2019, through July 26, 2019 | Exercised discretion in non-discretionary accounts without prior approval |
Steven Michael Roffman | CRD #1673527 | Jacksonville, Florida | July 15, 2019, through August 28, 2019 | Engaged in unauthorized trading; mismarked solicited tickets as unsolicited |
Adriana Marcela Agha | CRD #4827296 | Cumming, Georgia | July 1, 2019, through December 31, 2020 | Used an acquaintance’s name to open credit cards |
Fred Brown | CRD #1175385 | Montgomery, Alabama | July 1, 2019, through February 29, 2020 | Borrowed $69,000 from two clients without informing member firm |
Mijin Kim | CRD #6799926 | Frederick, Maryland | July 1, 2019 through June 30, 2020 | Altered signed customer documents without permission; fabricated emails |
Mark Gregory Raezer | CRD #6439772 | Colorado Springs, Colorado | July 1. 2019 through April 30, 2020 | “participated in private securities transactions involving a total of approximately $911,000 without providing notice to or obtaining approval from his member firm” |
Jeff Schwebach | CRD #1606537 | Sioux Falls, South Dakota | July 1, 2019, through February 29, 2020 | Sold promissory notes without categorizing this outside business activity as a private securities transaction |
Zvi Benzvi | CRD #2994766 | Great Neck, New York | July 1, 2019 to September 30, 2019 | Issued promissory notes to solicit a private venture capital firm to invest in his company, thus engaging in private securities transactions without providing written notice from his member firm and obtaining their approval |
If your broker has been suspended or barred from the securities industry, don’t hesitate to contact a securities attorney. Call (877) 238-4175 or email info@fkesq.com for your free consultation.