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 February 2020 report can be viewed here.
In the most serious cases of broker fraud or misconduct, FINRA permanently bars brokers from the securities industry. Check out the list below to learn about the latest brokers barred from the securities industry.
Individuals Barred

Broker Name CRD Number Location Circumstances Surrounding Bar
Roxana McKinney CRD#: 4830895 Jackson Heights, New York “consented to the sanction and to the entry of findings that she failed to appear for on-the-record testimony requested by FINRA after her member firm had filed a Uniform Termination Notice for Securities Industry Registration (Form U5) for her stating that she had been discharged”
Michael Minghenelli CRD#: 6067409 New York, New York “sanction was based on findings that Minghenelli converted $200 from his member firm by taking an unauthorized cash advance using his corporate credit card. The findings stated that Minghenelli used the corporate credit card at an ATM to take the cash advance when the advance was not related to any business purpose or business expense. Instead, Minghenelli spent the funds on personal expenses.”
Jim D’Meo CRD#: 1444759 Tinton Falls, New Jersey “consented to the sanction and to the entry of findings that he failed to timely provide documents and information requested by FINRA and refused to appear for on-the-record testimony requested by it as part of an investigation into his financial disclosures.”
Gerald Coyne CRD#: 4589061 Scranton, Pennsylvania “consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into whether he made misrepresentations, omissions and unsuitable recommendations of variable annuities to customers using their rollover funds from their state retirement accounts.”
Ramon Esparza CRD#: 5832979 Donna, Texas “consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA. The findings stated that Esparza’s member firm filed a Form U5 disclosing that he resigned after the firm initiated an internal review relating to allegations that he received cash and transacted business in bitcoin and concluded that he engaged in unapproved outside business activities involving bitcoin transactions. Esparza provided some of the requested information and documents but failed to provide all of the requested materials.”
Monica Meyer CRD#: 6048364 Palm City, Florida “consented to the sanction and to the entry of findings that she converted $2,060 by charging a co-worker’s personal credit card without authorization. The findings stated that Meyer added the co-worker’s personal credit card information to her profile on an online payment system without the coworker’s authorization. Later, without her coworker’s knowledge or consent, Meyer used that payment system to send her sister $2,000, charging the coworkers’ credit card $2,060, reflecting the three percent fee imposed by the payment system. After her sister returned the money to her, Meyer immediately transferred the funds to her bank account. Since then, Meyer has kept the funds and has not reimbursed her coworker or the credit card company.”
Matthew Bussard CRD#: 6803371 Providence, Rhode Island “consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into whether he submitted certain falsified documents to his member firm. The findings stated that the firm alleged in a Form U5 [Uniform Termination Notice for Securities Industry Registration] that Bussard submitted for processing multiple nongenuine client signatures on insurance documents.”

 
Individuals Suspended
In addition to barring certain brokers from the securities industry, FINRA also suspends brokers for a set period of time. Check out the list below to learn more about the latest suspended brokers.

Broker Name CRD Number Location Sanction Circumstances Surrounding Suspension
Anthony Pace CRD#: 2481049 Glendale, New York Suspended from January 6, 2020, through March 5, 2020; also fined $5,000 “consented to the sanctions and to the entry of findings that he failed to reasonably supervise a registered representative at his member firm who excessively traded customer accounts and was on heightened supervision. The findings stated that Pace was responsible for implementing the additional supervisory guidelines as detailed in the representative’s heightened supervision plan. Pace did not pre-approve all customer orders the representative submitted as required by the plan, and he did not otherwise follow the firm’s procedures to review for excessive trading and churning.”
John Borsellino CRD#: 2006663 Winter Garden, Florida Suspended from December 16, 2019, through March 15, 2020; also assessed a deferred fine of $5,000 “consented to the sanctions and to the entry of findings that he recommended and then made unsuitable securities transactions in customer accounts. The findings stated that Borsellino caused customers to incur upfront sales charges by recommending that they purchase municipal bonds and non-municipal securities in their brokerage accounts.”
Robert Renteria CRD#: 5773053 El Paso, Texas Suspended from December 16, 2019, through March 15, 2020; also assessed a deferred fine of $5,000 “consented to the sanctions and to the entry of findings that he borrowed a total of approximately $7,500 from two customers of his member firm without its prior knowledge or approval.”
Jerry Wells CRD#: 1015358 Fairport, New York Suspended from January 6, 2020 through March 5, 2020; also fined $5,000 “consented to the sanctions and to the entry of findings that he falsely represented that variable annuity purchases were not variable annuity replacements. The findings stated that Wells completed and submitted variable annuity applications and disclosure forms that falsely represented that each recommended variable annuity would not replace or change one or more existing variable annuity. In fact, as Wells knew, each of the recommended variable annuity purchases was funded, in whole or in part, by proceeds from the sale of, or distributions from, another variable annuity.”
Alastair Barnes CRD#: 6355496 New York, New York Suspended from December 16, 2019 through March 15, 2020; also assessed a deferred fine of $20,000; ordered to pay FINRA deferred disgorgement of unlawful profits in the amount of $585.66 “consented to the sanctions and to the entry of findings that he effected securities transactions in his personal brokerage account while in possession of nonpublic, confidential information about a customer’s position in the subject security, in contravention of his member firm’s policies.”
Andrew Fairchild CRD#: 1959274 Parkland, Florida Suspended from January 6, 2020, through March 5, 2020; also assessed a deferred fine of $5,000 “consented to the sanctions and to the entry of findings that he impersonated customers of his member firm in multiple recorded telephone calls to a company in order to request redemptions of funds from variable annuity products the customers had purchased.”
Kathryn Charpie CRD#: 840016 Rogers, Arkansas Suspended from December 16, 2019 through March 15, 2020; also assessed a deferred fine of $5,000 “consented to the sanctions and to the entry of findings that she borrowed a total of $10,100 from a customer without notifying or receiving approval from her member firm.”
Harvey Frank CRD#: 2109605 Murrieta, California Suspended from m January 6, 2020, through February 4, 2020; also fined $5,000 “consented to the sanctions and to the entry of findings that he improperly disclosed non-public personal information of customers of his member firm to a third party and retained non-public personal information of other firm customers after his departure from it.”
Brett Levinson CRD#: 2644880 San Diego, California Suspended from December 23, 2019, through January 21, 2020; also fined $5,000 “consented to the sanctions and to the entry of findings that he improperly disclosed non-public personal information of a customer of his member firm to a third party and retained non-public personal information of other firm customers after his departure from it.”
Louis Ward CRD#: 2080639 Coram, New York Suspended from January 6, 2020, through July 5, 2020; also fined $10,000 and ordered to complete 40 hours of continuing education regarding supervisory responsibilities “consented to the sanctions and to the entry of findings that he failed to reasonably supervise registered representatives at his member firm, each of whom recommended unsuitable trades in customer accounts.”
William Darby CRD#: 1659917 Atlanta, Georgia Suspended from January 6, 2020, through February 19, 2020; also fined $7,500 “consented to the sanctions and to the entry of findings that he caused his member firm to have inaccurate books and records and that he executed transactions in his customer’s account without the customer’s knowledge or authorization. The findings stated that a hacker, who had gained access to a firm customer’s account, sent emails to Darby, the customer’s representative, requesting that he effectuate wire transfers totaling $511,870 from the customer’s account to outside bank accounts. Darby was unaware that an imposter sent the emails. Darby complied with the requests…”
Robert Allen CRD#: 6267678 Grovetown, Georgia Suspended from December 16, 2019, through March 15, 2020; also assessed a deferred fine of $5,000 “consented to the sanctions and to the entry of findings that he engaged in an outside business activity by marketing and selling insurance products offered by a non-affiliated insurance company without disclosing the outside business activity to his member firm. The findings stated that Allen’s contract with the firm’s insurance affiliates prohibited him from selling insurance products through other, non-affiliated insurance companies. Despite this prohibition, Allen earned approximately $143,000 in commissions by selling fixed indexed annuities through the non-affiliated insurance company with whom he had a prior business relationship.”
Thomas Molteni CRD#: 1022911 Nashville, Tennessee Suspended from January 20, 2020, through April 19, 2020; also fined $5,000 “consented to the sanctions and to the entry of findings that he willfully failed to disclose federal tax liens totaling approximately $250,300 to his member firm or via the timely filing of an amended Form U4 [Uniform Application for Securities Industry Registration or Transfer].”
Saeed Foad CRD#: 5374361 Miami, Florida Suspended from January 6, 2020, through April 5, 2020; also assessed a deferred fine of $7,500 “consented to the sanctions and to the entry of findings that he engaged in outside business activities without providing prior written notice to his member firm. The findings stated that Saeed Foad founded and worked as a partner in a law firm and was an employee of a technology company. Saeed Foad received a salary of approximately $18,000 from the law firm and earned approximately $90,000 from the technology company.”
Eddie Shechter CRD#: 2772177 Englewood, New Jersey Suspended from January 20, 2020, through April 19, 2020; also fined $12,500 “consented to the sanctions and to the entry of findings that he caused customers of his member firm to sign blank or incomplete discretionary trading forms that he then copied and used to complete discretionary trading forms.”
Francisco Valenzuela CRD#: 2786970 Chula Vista, California Suspended from m January 6, 2020, through September 5, 2020;  also assessed a deferred fine of $10,000 “consented to the sanctions and to the entry of findings that he willfully failed to amend his Form U4 [Uniform Application for Securities Industry Registration or Transfer] to disclose a federal tax lien of $150,967.”
Cecil Ross CRD#: 2391047 San Angelo, Texas Suspended from January 20, 2020, through May 19, 2020; also fined $5,000 “consented to the sanctions and to the entry of findings that he engaged in an unsuitable pattern of short-term trading in UITs [unit investment trusts] in customer accounts.”
Jonathan Schnell CRD#: 2821933 Denver, Colorado Suspended from January 6, 2020 through March 5, 2020; also assessed a deferred fine of $5,000 “consented to the sanctions and to the entry of findings that he made false entries in his member firm’s customer contact recordkeeping system in order to receive credits that would increase his incentive compensation. The findings stated that almost all of the entries falsely stated that Schnell delivered certain financial planning documents to customers when he did not, and some of the entries falsely stated that Schnell conducted meetings with customers, when he had not.”
Thomas Grbelja CRD#: 1966191 Franklin Lakes, New Jersey Suspended from January 6, 2020, through February 19, 2020; also assessed a deferred fine of $5,000 “Grbelja consented to the sanctions and to the entry of findings that he served as a director of a publicity-traded company without disclosing the position or seeking approval to serve in that capacity from his member firm until after he had started in that role. The findings stated that Grbelja submitted an outside business disclosure form to the firm wherein he disclosed that he had been granted stock and would continue to receive stock over the following five years. The firm denied Grbelja permission to participate in the outside business activity; however, he continued to serve as a director. Later, the firm learned that Grbelja was continuing to serve as a director of the outside business entity, at which point he refused to resign his directorship and resigned from the firm.”
Glen Webster CRD#: 4839854 Kaukauna, Wisconsin Suspended from January 6, 2020, through April 5, 2020 “Webster consented to the sanction and to the entry of findings that he borrowed $10,000 from a securities customer without notifying or receiving approval from his member firm and despite its general prohibition of such loans.”
John Carneglia CRD#: 4404911 Huntington, New York) Suspended from January 20, 2020, through March 19, 2020; also fined $15,000 “consented to the sanctions and to the entry of findings that he failed to notify his member firm that he had a financial and beneficial interest in a brokerage account held by his wife at another firm.”
Howard Landers CRD#: 1233612 Miami, Florida Suspended from January 6, 2020, through January 5, 2022 “consented to the sanctions and to the entry of findings that he was associated with a member firm while he was statutorily disqualified.”
Joseph Lawrence CRD#: 5605961 Hoover, Alabama Suspended from January 6, 2020, through April 5, 2020 “consented to the sanctions and to the entry of findings that he executed trades totaling $275,000 in an elderly customer’s account without first obtaining her authorization.”
Bruno Silva CRD#: 6820531 Astoria, New York Suspended from from January 6, 2020, through May 5, 2021; assessed a deferred fine of $15,000 “consented to the sanctions and to the entry of findings that he caused his member firm to maintain inaccurate books and records by permitting another registered representative to use his representative code to open accounts and effect securities transactions in customer accounts in states where the other representative was not registered. The findings stated that Silva intentionally structured cash withdrawals totaling $22,500 by making three separate withdrawals from different bank branches of the same bank to prevent the filing of currency transaction reports (CTRs).”

 
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.