FINRA has suspended Moloney Securities broker Candice Montie from the securities industry for three months for participating in private securities transactions without providing the required written notice to her firm. She was also fined $5,000.
If you have lost money with Candice Montie, or Moloney Securities, 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”)
Candice Montie and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on March 31, 2021, over the following findings:
- Between April and June 2018, Montie participated in four private securities transactions without providing prior written notice to her broker-dealer.
- The transactions involved sales of L Bonds issued by GWG Holdings, Inc. (“GWG”) to four investors. These individuals invested $150,000 in the L Bonds and purchased them through another broker-dealer with which Montie was not associated or registered.
- Montie participated in these sales through the other broker-dealer by assisting the investors with completing the paperwork required to purchase the L Bonds, including a GWG subscription agreement and a new account application. Montie also participated in these sales by obtaining the customers’ signatures on these and other documents, copies of their drivers’ licenses, and a check from each customer to fund the L Bond purchase. Montie also participated in the sales of the L Bonds by scanning and transmitting the paperwork to the other broker-dealer and/or GWG directly to complete the customers’ purchases.
- Montie did not receive any commissions or other payments for her role in the four transactions. However, she failed to provide written notice to Moloney Securities prior to participating in the sales of the L Bonds through the other broker-dealer. She also failed to obtain approval from Moloney Securities prior to participating in the transactions. As a result, Montie violated FINRA Rules 3280 and 2010.
Candice Montie (CRD#: 4726799)
Montie has 17 years of experience in the securities industry and has been registered as a broker with Moloney Securities since November 22, 2013.
Private Securities Transactions
FINRA Rule 3280 requires that, prior to participating in a private securities transaction, a person associated with a member firm shall provide written notice to his or her firm “describing in detail the proposed transaction and the person’s proposed role therein.” The Rule defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member.”
A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010, which requires member firms and associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Candice Montie, or Moloney Securities contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at email@example.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.