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 April 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
James Paquette CRD#: 2164109 Sullivans Island, South Carolina “The NAC dismissed Paquette’s appeal of an OHO decision. Paquette failed to provide the required information and as a result his appeal was considered abandoned, therefore he is barred from association with any FINRA member in all capacities. The sanction was based on findings that Paquette willfully failed to timely update his Form U4 to disclose a felony charge.”
Ana Chavarriaga CRD#: 4520572 Miami, Florida “…she backdated documents and drafted false written statements that her member firm provided to FINRA in response to its requests for information. The findings stated that as the firm’s designated supervisor, Chavarriaga was responsible for reviewing and initialing the firm’s TRACE Quality of Markets Report Cards. Chavarriaga signed and backdated report cards and supplied them to the firm, which in turn provided them to FINRA. The backdated report cards gave the false impression to FINRA that Chavarriaga had performed required supervisory reviews.”
Jeff Nimmow CRD#: 2693601 Merrimac, Wisconsin “…he engaged in the sale of promissory notes to investors totaling at least $3,365,000 without disclosing and receiving approval from his member firm.”
Ron Hannes CRD#: 1462241 Spokane, Washington “Hannes consented to the sanction and to the entry of findings that he refused to produce documents and information requested by FINRA during its investigation into allegations that he converted customer funds. The findings stated that Hannes’ member firm terminated his association with it and disclosed that it received notice from a client that funds were paid to Hannes for purchase of a life insurance contract that were not forwarded to the life insurance company.”
Martin Batstone CRD#: 2171601 Del Mar, California Martin Batstone transferred “$11,100 in customer funds to his personal bank accounts and using the funds for his personal expenditures. The findings stated that Batstone solicited customers of his member firm to invest a total of $75,000 in a small limited liability company purporting to provide brand management and product placement services for athletes and entertainers.”
Paolo Monaco CRD#: 6335521 Manchester, New Hampshire “Monaco consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or otherwise cooperate with FINRA’s investigation into a disclosure reported on a Uniform Termination Notice for Securities Industry Registration (Form U5) submitted by his member firm. The findings stated that the firm submitted the Form U5 terminating Monaco’s registration based on concerns about personal trading and related conduct involving a low-priced stock and about disregarding the firm’s warnings regarding the same.”
John Park CRD#: 5864589 Sioux Falls, South Dakota John Park “consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation it began after it received his member firm’s Form U5. The findings stated that the Form U5 reported that Park was terminated when an affiliate insurance company terminated his contract after discovering he violated their policies regarding business submission and premium payments.”
Boris Skorodumov CRD#: 6037563 New York, New York “Skorodumov consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or otherwise cooperate with FINRA’s investigation into Form U5 disclosures made by his member firms. The findings stated that one firm disclosed that Skorodumov was under review for removing confidential information and property, including intellectual property, from the firm.”
Joseph Thurnherr CRD#: 5045624 Matawan, New Jersey Joseph Thurnherr “consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation into allegations set forth in a customer-initiated arbitration against him.”

 
Individuals Suspended — what names do they go by?
 
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
Pete Monson CRD#: 2203309 Blaine, Minnesota Suspended from March 2, 2020, through September 1, 2020; fined $7,500 “Monson consented to the sanctions and to the entry of findings that he engaged in excessive and unsuitable trading in the Individual Retirement Account (IRA) of his customer. The findings stated that Monson actively traded risky, microcap stocks in the customer’s account, even though the account value had declined by more than 60% since its inception and the customer was facing a serious illness.”
John Harman CRD#: 4763429 Charleston, South Carolina Suspended from February 18, 2020, through March 30, 2020; assessed a deferred fine of $5,000 John Harman “consented to the sanctions and to the entry of findings that he directed customers to sign blank or incomplete distribution request forms for their IRAs which he thereafter completed and submitted for processing.”
David Francis Dalton CRD#: 60216 Chestnut Hill, Massachusetts Suspended from February 18, 2020, through May 17, 2020; assessed a deferred fine of $7,500 David Francis Dalton “consented to the sanctions and to the entry of findings that he exercised discretionary trading authority in customers’ accounts without having first obtained written authorization from the customers or his member firm to treat the accounts as discretionary. The findings stated that Dalton made false statements regarding his exercise of discretion in firm annual compliance questionnaire.”
David Gray Dalton CRD#: 2418235 Chestnut Hill, Massachusetts Suspended from February 18, 2020, through May 17, 2020; assessed a deferred fine of $7,500 David Gray Dalton “consented to the sanctions and to the entry of findings that he exercised discretionary trading authority in customers’ accounts without having first obtained written authorization from the customers or his member firm to treat the accounts as discretionary. The findings stated that Dalton made false statements regarding his exercise of discretion” in an  annual compliance questionnaire.
Angela Chatfield CRD#: 6597761 Phoenix, Arizona Suspended from February 18, 2020, through May 17, 2020; assessed a deferred fine of $5,000 Angela Chatfield “consented to the sanctions and to the entry of findings that she engaged in three outside business activities through which she provided accounting and bookkeeping services and acted as office manager and trustee without providing prior written notice to her member firm.”
Thomas Murphy CRD#: 5654189 Jersey City, New Jersey Suspended from February 18, 2020, through June 17, 2020; assessed a deferred fine of $5,000 Thomas Murphy “consented to the sanctions and to the entry of findings that he executed subscription agreements as an authorized signatory for his member firm, without its authorization, to help clients of the firm’s self-directed brokerage business invest in third-party private real estate funds.”
Pedro Perez-Riu CRD#: 2947699 New York, New York Suspended from March 2, 2020, through March 13, 2020; fined $5,000 Pedro Perez-Riu “consented to the sanctions and to the entry of findings that he caused traders under his supervision at his member firm to execute non-bona fide fixed income transactions.”
Terrence Bonk CRD#: 1011846 Mendota Heights, Minnesota Suspended  from March 2, 2020, through December 1, 2020;  assessed a deferred fine of $10,000 Terrence Bonk  “consented to the sanctions and to the entry of findings that he borrowed $8,000 from a customer of his member firm without notifying or obtaining prior written approval from the firm.”
Paul Falcon CRD#: 2464566 Fort Lauderdale, Florida Suspended from March 16, 2020, through April 14, 2020; fined $5,000 Paul Falcon “consented to the sanctions and to the entry of findings that he used an unapproved third-party communication application to conduct securities-related business with customers of his member firm.”
Kenton Crabb CRD#: 2397338 Mooresville, North Carolina Suspended from March 2, 2020, through September 1, 2020; assessed a deferred fine of $5,000 Kenton Crabb “consented to the sanctions and to the entry of findings that he willfully failed to amend or timely amend his Uniform Application for Securities Industry Registration or Transfer forms (Form U4) to disclose federal and state tax liens totaling nearly $1.7 million.”
Matt Sibley CRD#: 3102207 Park City, Utah Suspended from March 2, 2020, through September 1, 2020; assessed a deferred fine of $7,500 Matthew Sibley “consented to the sanctions and to the entry of findings that he negligently misrepresented his member firm’s ability to deliver corporate bonds that were not owned by the firm and that it ultimately failed to deliver to the buyer.”
Jody Thompson CRD#: 2391190 Seaford, New York Suspended from March 2, 2020, through August 1, 2020 Jody Thompson “consented to the sanction and to the entry of findings that he recommended several non-public offerings without having a reasonable basis to believe those transactions were suitable. The findings stated that due to Thompson’s failure to conduct reasonable diligence, there were risks and costs of the investments that he did not understand.”

 
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.