Securities Arbitration Lawyer Blog
FINRA has suspended Popular Securities, LLC broker Dennis Cummings from the securities industry for 45 business days for instructing his sales assistant to use pre-signed Letters of Authorization (LOA) to effect transfers between customers’ accounts. Cummings’ suspension is scheduled to start on July 19, 2021, and end on September 20, 2021. He was also fined $5,000.
If you have lost money with Dennis Cummings, or Popular Securities, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Popular Securities, LLC.
FINRA Letter of Acceptance, Waiver, and Consent (“AWC”)
Dennis Cummings and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on June 16, 2021.
The AWC indicates that from May 2016 through December 2018, on seven occasions, Cummings instructed his sales assistant to use pre-signed, but otherwise blank, Letters of Authorization (LOA) to make transfers between customers’ accounts. The customers were a married couple, who authorized the transfers.
FINRA Rule 2010 requires that members and their associated persons observe high standards of commercial honor and just and equitable principles of trade. Obtaining a pre-signed document that is otherwise blank and then adding information to that previously signed document violates FINRA Rule 2010. Accordingly, Cummings violated FINRA Rule 2010.
In addition, Cummings violated FINRA Rules 4511 and 2010 by causing Popular to create and maintain inaccurate books and records in violation of Section 17(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 17a-3 thereunder.
FINRA Rule 4511 requires each member to make and preserve books and records in conformity with Section 17(a) of the Exchange Act and Exchange Act Rule 17a-3. Inherent in the obligation to maintain books and records is the requirement that they be accurate. Causing a FINRA-regulated broker-dealer to make or preserve inaccurate records is a violation of this Rule, and also constitutes a violation of FINRA Rule 2010.
Dennis Cummings (CRD#: 2923607)
Cummings has 23 years of experience in the securities industry and has been registered as a broker with Popular Securities, LLC in Mayaguez, PR since September 2008.
His FINRA CRD shows sixteen customer disputes, including one claim seeking $1.2 million in damages which is still pending.
Many of the claims alleged that Cummings’ recommendations to purchase and to hold Puerto Rico securities were unsuitable in light of the clients’ risk tolerance. They also alleged that recommendations made by Cummings were particularly egregious in light of Puerto Rico’s well known deteriorating financial condition.
You can read more about our firm’s experience representing investors in Puerto Rico securities here.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Dennis Cummings, or Popular Securities, LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.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.