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 March 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
John Cahill  CRD#: 1240551 Mahwah, New Jersey “Cahill consented to the sanction and to the entry of findings that he refused to provide documents and information and to appear and provide on-the-record testimony requested by FINRA in connection with an investigation into allegations that he commingled and/or converted funds belonging to, and served as power-of-attorney for, an elderly individual who was his customer…”
Stephen Carver  CRD#: 2230161 Chillicothe, Illinois “Carver consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA in connection with an investigation into an investment-related customer complaint.”
John Chrysadakis CRD#: 5680661 Fairfield, Connecticut “Chrysadakis consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA after his member firm submitted a Uniform Termination Notice for Securities Industry Registration (Form U5) wherein it disclosed that he was permitted to resign while under internal review. The findings stated that the firm was reviewing Chrysadakis for alleged fraudulent activity, including alleged forgery of non-variable insurance forms, alleged submission of unauthorized non-variable policy applications and for undisclosed financial liens and judgments. After Chrysadakis’ resignation from the firm, the Fidelity Masonic Temple Association, Inc. filed a complaint against him in Connecticut state court, alleging that Chrysadakis converted approximately $100,000 from it while serving as its treasurer.”
Shlomo Strugano CRD#: 3108780 Karmiel, Israel “Strugano consented to the sanction and to the entry of findings that he failed to appear and provide testimony requested by FINRA in connection with an investigation into whether he had forged or falsified customer signatures and initials on account and transaction documents.”
Gabe Hynes  CRD#: 3152541 Saint Augustine, Florida “Hynes 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 of his sale of a company’s structured cash flow investments comprised of pension streams.”
Rusty Tweed  CRD#: 2339324 Glendale, California “Tweed violated Sections 17(a)(2) and (3) of the Securities Act of 1933 by misrepresenting and failing to disclose material facts in connection with the sale of interests in a private investment fund that he controlled and engaged in a course of conduct that operated as a fraud or deceit on the fund’s investors.”
Jesse Gil CRD#: 5188650 Corpus Christi, Texas “Gil consented to the sanction and to the entry of findings that he converted approximately $2,500 from an 82-year-old widow and former bank customer to whom he was providing financial advice away from his member firm. The findings stated that Gil used the customer’s credit cards without her authorization to charge personal expenses. These included spa massages, sporting goods, airline baggage fees and foreign currency cash advances, as well as expenses incurred during an overseas trip to Madrid, Spain, including at a hotel, perfume store, museum and flamenco show. The findings also stated that Gil failed to disclose that he held power of attorney over the customer or obtained advance approval from his firm, which was required, before taking on this role.”
Paul Petrillo  CRD#: 2212735 Volo, Illinois “Petrillo consented to the sanction and to the entry of findings that he placed discretionary orders to purchase or sell securities in customers’ outside securities accounts without notifying his member firm of his authority to do so or the executing firm of his association with his firm. The findings stated that Petrillo also opened a family trust securities account over which he had trading authority away from his firm but did not notify it of the account’s existence. The findings also stated that Petrillo participated in private securities transactions, by placing orders to purchase or sell securities in customer accounts, without notifying his firm.”
David Braeger CRD#: 2137240 Bayside, Wisconsin “Braeger misused and converted a $30,000 check that his customers, a married couple, intended to invest in a private offering for an entity that Braeger created and of which he was the only managing member. The findings stated that the customers were not listed as investors of the offering and they did not know that their funds were not invested in it until years later. Subsequently, Braeger failed to tell the customers that his entity had been closed, liquidated and dissolved.”
Zachary Wagner  CRD#: 6694074 Gilbert, Arizona “Wagner consented to the sanction and to the entry of findings that he failed to provide on-the-record testimony requested by FINRA in connection with its investigation into his potential misuse of customer funds and involvement in an undisclosed outside business activity. The findings stated that Wagner’s member firm filed a Form U5 reporting that he had been terminated for failing to provide accurate information during the pre-hire process. Subsequently, Warner associated with another firm that filed a Form U5 terminating him and reporting that he had potentially used a client’s funds for personal use, and made misrepresentations about the client’s accounts, while employed by that firm.”
Charles Evan CRD#: 836083 Newton Centre, Massachusetts “Evan consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA during its investigation that began after his member firm filed a Form U5 reporting his termination in connection with allegations concerning inappropriate traditional insurance sales practices.”
Mike Leahy  CRD#: 1899498 Red Bank, New Jersey “Leahy consented to the sanctions and to the entry of findings that he failed to reasonably supervise a former registered representative who, while registered through Leahy’s member firm, engaged in a pattern of unauthorized trading, using margin without authorization, recommending excessive and otherwise unsuitable transactions, and charging excessive commissions in dozens of customer accounts.”
Christopher Richard Barone  CRD#: 2032268 Newbury, Ohio “Barone consented to the sanction and to the entry of findings that he made misrepresentations to FINRA about the frequency of his supervision of his member firm’s trade reporting responsibilities and altered documents that he produced to FINRA…Barone falsely represented that he reviewed trades monthly to make sure the firm was not reporting late to MSRB. …. Barone also produced MSRB spreadsheets that purportedly evidenced his supervisory reviews, but before doing so, he altered the documents.”
Kari Bracy  CRD#: 5656186 Dayton, Maine “Bracy consented to the sanction and to the entry of findings that she refused to appear for on-the-record testimony requested by FINRA in connection with its investigation of her sale of a company’s structured cash flow investment, comprised of pension streams.”
Tony Puente  CRD#: 2695224 Delray Beach, Florida “Puente consented to the sanction and to the entry of findings that he refused to provide on-the-record testimony requested by FINRA in connection with its investigation into whether he potentially violated FINRA rules by engaging in undisclosed outside business activities and/or private securities transactions while associated with a member firm.”
  Randy Carpen  CRD#: 2469877 Fort Lauderdale, Florida “Carpen consented to the sanction and to the entry of findings that he failed to produce documents and information requested by FINRA during an investigation into allegations that he excessively traded a customer account.”

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
Bob D’Andria CRD#: 1916172 Manasquan, New Jersey Fined $5,000; Suspended from February 3, 2020 through April 2, 2020 “D’Andria consented to the sanctions and to the entry of findings that he recommended the purchase of non-traditional exchange traded products (NT-ETPs) to customers without having a sufficient understanding of the risks and features associated with these products…”
James Willing CRD#: 468560 Winchester, Massachusetts Finede $7,500; suspended from  February 3, 2020 through March 8, 2020 “Willing consented to the sanctions and to the entry of findings that he invested $62,500 of his own money in a series of private securities transactions without providing prior written notice of, or receiving written approval from, his member firm for these transactions. The findings stated that Willing’s transactions involved pooled investment fund interests offered by a limited partnership.”
Jason LaBelle CRD#: 5654529 Pittsfield, Massachusetts Issued a deferred fine of $5,000; suspended from January 20, 2020, through April 19, 2020 “LaBelle consented to the sanctions and to the entry of findings that he participated in an outside business activity involving a real estate development project that was financed with money lent by one of his customers without providing prior written notice to his member firm.” 
Julian Munoz Martinez CRD#: 4773991 San Juan, Puerto Rico Fined $5,000; suspended from from February 3, 2020 through May 2, 2020 “Munoz consented to the sanctions and to the entry of findings that he borrowed $30,000 from a customer of his member firm without providing prior notice to, or obtaining prior written approval from, the firm.”
Rene Moses Torres CRD#: 2035498 Manalapan, New Jersey Assessed a deferred fine of $5,000; suspended from January 21, 2020 through September 20, 2020 “Torres consented to the sanctions and to the entry of findings that he willfully failed to timely amend his Uniform Application for Securities Industry Registration or Transfer forms (Form U4) to disclose that he had been charged with a felony.” 
Albert Foronda  CRD#: 5737620 Staten Island, New York Fined $7,500, suspended from  February 18, 2020 through April 2, 2020; ordered to pay $2,765, plus interest, in restitution to a customer “Foronda consented to the sanctions and to the entry of findings that he effected unauthorized transactions in customer accounts without the customers’ verbal or written authorization for the trades.”
Andy Grant  CRD#: 2709882 West Hills, New York Fined $5,000; suspended from February 18, 2020 through March 9, 2020 “Grant consented to the sanctions and to the entry of findings that he effected trades in customer accounts using discretion without the customers’ prior written authorization and without his member firm accepting these accounts as discretionary in writing.”
Aaron Sheehy  CRD#: 1847401 Hillsborough, New Jersey Assessed a deferred fine of $5,000; suspended from from January 21, 2020 through February 18, 2020 “Sheehy consented to the sanctions and to the entry of findings that he exercised discretion in a customer’s account by accepting trade instructions from the customer’s son, an unauthorized third party, without the customer’s written authorization and without his member firm having approved the account for discretionary trading.”
Shawna Lynn Choate CRD#: 2432397 Denver, Colorado Assessed a deferred fine of $5,000; suspended from  February 3, 2020 through April 2, 2020 “Choate consented to the sanctions and to the entry of findings that she falsified dozens of forms by using a stamp to affix a registered principal’s signature to the forms. The findings stated that the signature represented that the principal had reviewed and approved deposits of penny stocks even though the principal had not done so.”
Sean Waggoner CRD#: 2748574 Houston, Texas Fined $10,000; suspended from from February 18, 2020 through April 17, 2020 “Waggoner consented to the sanctions and to the entry of findings that he participated in private securities transactions without providing prior written notice to his member firm. The findings stated that the purchases, which Waggoner made on his own behalf, were outside the scope of his employment with his firm.”
Thomas Crossett  CRD#: 3223221 Newtown, Pennsylvania Assessed a deferred fine of $5,000; suspended from from February 3, 2020 through May 2, 2020 “Crossett consented to the sanctions and to the entry of findings that without his estranged wife’s knowledge or consent, he forged her signature on application paperwork for a line of credit in order to help form and fund a limited liability company for the purpose of purchasing, rehabilitating and selling a residential property.”
Howard Davis  CRD#: 1782118 Calabasas, California Fined $10,000; suspended from  from February 18, 2020 through April 17, 2020 “Davis consented to the sanctions and to the entry of findings that he failed to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable FINRA rules.”
Craig Michael Gould CRD#: 2367293 Jersey City, New Jersey Fined $20,000; suspended from from February 18, 2020 through May 17, 2020 “Gould consented to the sanctions and to the entry of findings that he failed to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable FINRA rules.”
Wesley Ko Omoto CRD#: 1507340 Sacramento, California Assessed a deferred fine of $5,000; suspended from from February 18, 2020 through May 17, 2020 “Omoto consented to the sanctions and to the entry of findings that he falsified records by cutting and pasting signatures of two customers on forms as part of variable annuity transactions.”
Robert Spiegel  CRD#: 5861656 Staten Island, New York Assessed a deferred fine of $5,000; suspended from February 3, 2020 through June 2, 2020; ordered to pay $18,047, plus interest, in deferred restitution to a customer “Spiegel consented to the sanctions and to the entry of findings that he engaged in quantitatively unsuitable trading in the account of the customer, a 70-year old farmer.”
Mason Gann CRD#: 4030936 Dallas, Texas Suspended from from February 3, 2020 through May 2, 2020 “Gann consented to the sanction and to the entry of findings that he recommended and effected a risky options-trading strategy in the account of a retiree and senior investor who had limited income, modest retirement savings and minimal investment knowledge. 
Kerry Wills CRD#: 1353739 Monrovia, California Fined $10,000; suspended  from February 18, 2020, through August 17, 2020 “Wills consented to the sanctions and to the entry of findings that he borrowed $150,000 from a 90-year-old customer without disclosing the loan to his member firm or otherwise seeking an exemption from the firm’s procedures that prohibited the acceptance of loans from customers.”
Kevin Meadows  CRD#: 2878889 Columbus, Georgia Suspended from February 18, 2020 through May 17, 2020 “Meadows consented to the sanction and to the entry of findings that he excessively and unsuitably traded the accounts of a senior customer, which resulted in a loss of approximately $39,671.” 
Lila Stokkeland CRD#: 2872259 Jamestown, North Dakota Assessed a deferred fine of $5,000; suspended from February 3, 2020, through May 2, 2020 “Stokkeland consented to the sanctions and to the entry of findings that she electronically affixed customer signatures to account opening documents she submitted to her member firm.”
Thomas Martin CRD#: 4500330 Glorieta, New Mexico Fined $5,000; suspended from  from February 18, 2020, through March 9, 2020 “Martin consented to the sanctions and to the entry of findings that he exercised discretion in accounts maintained by customers without written authorization from the customers and without requesting or obtaining approval from his member firm.” 
Keith Rich  CRD#: 6272427 Atlanta, Georgia Assessed a deferred fine of $5,000; suspended from from February 3, 2020, through March 18, 2020 “Rich consented to the sanctions and to the entry of findings that he engaged in an outside business activity without providing prior written notice to, or seeking approval from, his member firms.”
John Barrows CRD#: 721515 Flushing, Michigan Assessed a deferred fine of $5,000; suspended from February 3, 2020, through October 2, 2020 “Barrows consented to the sanctions and to the entry of findings that he willfully failed to timely amend his Form U4 to disclose that he had been charged with three felony counts. The findings stated that Barrow’s member firm learned that he had been arrested when it obtained a news media report about the arrest.”
Daniel Castoriano  CRD#: 4229838 New Orleans, Louisiana Assessed a  deferred fine of $5,000; suspended from  from February 3, 2020 through March 2, 2020. “Castoriano consented to the sanctions and to the entry of findings that he exercised discretion in a customer’s account without written authorization from the customer or permission from his member firm.”

INDIVIDUAL(S) FINED

In addition to a bar or a suspension, another sanction that FINRA can implement is the fine without any additional sanctions. FINRA’s March 2020 disciplinary report lists one individual who was solely fined. 

Name CRD# Location  Sanction Circumstances Surrounding Fine
Tad North  CRD#: 2100909 New Milford, Connecticut) Fined $5,000 “North failed to enforce his member firm’s WSPs regarding the review of electronic communications. The findings stated that North assumed the responsibility for reviewing the firm’s electronic communications after he recognized red flags indicating that another principal was not conducting the required reviews. In an effort to comply with the WSPs, North conducted occasional, random reviews of electronic communications, but not enough to comply with the requirements of the firm’s WSPs.”

If your broker has been fined by, or 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.