Articles Posted in Unauthorized Trading

FINRA has suspended former Insigneo broker Ignacio Erhart Del Campo from the securities industry for 2 months for exercising discretion in a customer’s account without proper authorization and engaging in unauthorized trading. Erhart Del Campo was also fined $7,500 and ordered to pay restitution of $19,189 plus interest.

If you have lost money with Ignacio Erhart Del Campo, or Insigneo, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent (“AWC”)

FINRA has suspended former Aegis Capital broker Edmund Zack from the securities industry for eight months for engaging in unsuitable and excessive trading, exercising discretion in customer accounts without written authorization, and causing Aegis to maintain inaccurate books and records. Zack was also fined $10,000 and consented to disgorgement of $5,161 in commissions.

He is no longer associated with a FINRA member but remains subject to FINRA’s jurisdiction.

If you have lost money with Edmund Zack, or Aegis Capital, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA has barred financial advisor Steven Robert Luftschein, also known as Steven Lerner, from the securities industry. He was associated with nine different broker-dealers before joining Aegis Capital Corp. (“Aegis”). Mr. Luftschein was registered with Aegis between June 2013 and October 2016 and worked in their Melville, New York branch.

On January 13, 2021, FINRA accepted Mr. Luftschein’s Offer of Settlement and ordered that Mr. Luftschein be barred from associating with any FINRA member firm in any capacity.

If you have lost money with Steven Robert Luftschein or Aegis, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA has suspended financial advisor Jay Clint Tomlinson from the securities industry for three months and fined him $7,500.   Mr. Tomlinson’s sanctions arise from his improper use of discretion without written authorization when placing 379 trades in three customers’ accounts.

FINRA has also censured Tomlinson’s employer, New York financial services firm R.F. Lafferty & Co., Inc., and ordered the firm to pay a fine of $55,000.   R.F. Lafferty & Co., Inc. (“R.F. Lafferty”) failed to maintain order memoranda that accurately reflected whether trades were solicited or unsolicited for more than 56,000 trades in customer accounts. R.F. Lafferty also failed to establish and maintain a supervisory system, and failed to enforce written supervisory procedures, reasonably designed to achieve compliance with applicable recordkeeping laws, regulations, and rules pertaining to review and retention of order memoranda.

This is not the first time Mr. Tomlinson and R.F. Lafferty have been sanctioned by FINRA. In November 2012, Mr. Tomlinson was suspended for 30 days and fined $7,500 for failing to timely provide documents and information to FINRA.  At the time, Mr. Tomlinson was the Chief Compliance Officer at Brimberg & Co.   Brimberg & Co. was expelled from the securities industry by FINRA for failing to pay its monetary fines.

FINRA has suspended financial advisor Douglas William Stopkey from the securities industry for a 30-day period, which began on November 16, 2020, and runs through December 15, 2020. Douglas Stopkey was registered with Merrill Lynch, Pierce, Fenner & Smith in Richmond, VA, from March 1992 until September 2018, when he was terminated. Since then, he has been registered with Davenport & Company LLC in Richmond, VA.

If you have lost money with Douglas Stopkey, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Douglas Stopkey and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on October 26, 2020, over allegations related to Stopkey’s conduct between January 2016 and June 2018.  Specifically, FINRA alleged:

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