Articles Tagged with FINRA rule 8210

FINRA has barred former Bankers Life Securities broker Ryan Tarjanyi from the securities industry for providing inaccurate information during on-the-record testimony regarding a customer’s execution of an annuity partial withdrawal form, in violation of FINRA Rules 8210 and 2010.

FINRA initially opened an examination of Tarjanyi’s sales practices in 2019. At that time, Bankers Life Securities reported that customers complained about Tarjanyi, alleging forgery and falsification of information on an insurance application and annuity withdrawal forms.

On September 24, 2020, FINRA made a preliminary determination to recommend that disciplinary action be brought against Tarjanyi, alleging that Tarjanyi falsified documents, forged customer signatures, and misrepresented the terms of an insurance policy (the forgeries facilitated unauthorized withdrawals from customer funds), in violation of FINRA Rules.

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Rhett Douglas Bedwell from the securities industry.  Mr. Bedwell was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation in whether Mr. Bedwell moved a client’s IRA to a different administrator and used forged documentation to invest the client’s money into a Ponzi Scheme.

Mr. Bedwell was a financial advisor with LPL Financial LLC (“LPL Financial”) in Rodgers, Arkansas, from November 2017 until his employment ended in August 2019.  On September 9, 2020, LPL Financial disclosed that Mr. Bedwell had been identified in a pending customer arbitration alleging that in 2019, he moved a client’s IRA to a different administrator and used forged documentation to invest the client’s money into a Ponzi Scheme.

Before his employment with LPL Financial, Mr. Bedwell was a financial advisor at Arvest Wealth Management in Bentonville, Arkansas, from July 2015 until November 2017.

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Megurditch Patatian (aka Mike Patatian) alleging that, while associated with Western International Securities, Inc., Mr. Patatian engaged in conduct in violation of FINRA rules, including:

  • making 81 unsuitable recommendations to purchase over $7.8 million in non-traded Real Estate Investment Trusts (REITs) to 59 customers, including 21 senior investors;
  • recommending illiquid non-traded REIT to six customers that also needed liquidity;

FINRA has barred Great Nation Investment Corporation President, and CEO Bryon Pat Treat from the securities industry.  Mr. Treat has been barred from associating with any FINRA member firm in any capacity because he refused to provide information and documents connected with FINRA’s investigation into whether he reasonably supervised the sale of illiquid “church bonds.”

Earlier this year, FINRA also barred financial advisor David A. Jenson from the securities industry for failing to cooperate with an investigation into whether Mr. Jenson recommended customers invest in an unsuitable concentration of church bonds.  To read more about Mr. Jenson’s expulsion, please click here.

Great Nation Investment Corporation is an SEC-registered brokerage firm headquartered in Amarillo, Texas.   The firm’s primary business activity is the offer and sale of church bonds.

FINRA has barred former LPL stockbroker Bradley Allen Goodbred from the securities industry for refusing to respond to an information request issued pursuant to FINRA Rule 8210.

On February 1, 2021, LPL terminated Goodbred’s registration by filing a Form U5, stating that Goodbred had been terminated because he failed to disclose and obtain the firms’ approval to act as power of attorney for a customer, in violation of firm policy. LPL stated that Mr. Goodbred used the power of attorney to request and facilitate distributions of funds from the customer’s outside advisory accounts, deposit the funds into the  customer’s bank account, and then had the customer provide him with personal checks totaling $430,000 made payable to a real estate company representative owned and operated as an outside business activity. Goodbred and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on February 16, 2021.

FINRA indicated that the matter originated from a tip received by FINRA staff on January 13, 2021.

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Paul John Halvorson from the securities industry.  FINRA expelled Mr. Halvorson from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to his termination from Morgan Stanley in November 2020.

Mr. Halvorson was a financial advisor at Morgan Stanley in Charleston, South Carolina, from June 2009 until his employment was terminated in November 2020. In connection with the discharge, Morgan Stanley alleged that Mr. Halvorson submitted transactions under production numbers that were inconsistent with an agreement that he had with another broker, resulting in a shortfall of revenue credited to the other broker.

If you have suffered financial losses investing with Paul Halvorson or suspect that Mr. Halvorson did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Michael Paul Francoeur from the securities industry.  FINRA expelled Mr. Francoeur from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into his conduct after receiving a customer complaint.

Mr. Francoeur was a financial advisor at Cambridge Investment Research, Inc. in Somersworth, New Hampshire, from January 2012 until his employment was terminated in March 2020. Cambridge Investment Research fired Mr. Francoeur, alleging that he assisted a client with an investment that was not approved by the firm and that he used an unapproved email account, both against the firm’s policies.

If you have suffered financial losses investing with Michael Francoeur or suspect that Mr. Francoeur did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

FINRA has barred stockbroker Javelin Mikol San Nicolas from the securities industry.  FINRA expelled Mr. San Nicolas from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to his termination from Edward Jones in August 2020.

Mr. San Nicolas was a financial advisor at Edward Jones in Sparks, Nevada, from December 2016 until his employment was terminated in August 2020. Edward Jones discharged Mr. San Nicolas over concerns that a client issued cashiers’ checks in the amount of $49,000 to Mr. San Nicolas with proceeds that were withdrawn from the client’s account at Edward Jones.  Mr. San Nicolas stated that the checks were for the option of purchasing two Personal Seat Licenses for the Las Vegas Raiders football team, to be transferred to the client’s name later in 2020.  At the time of the termination, the client had not received the purported Personal Seat Licenses.

The client filed a complaint with Edward Jones in July 2020. No further details are publicly available regarding this pending complaint.

FINRA has barred stockbroker Christopher B. Black from the securities industry.  FINRA handed down the expulsion because Mr. Black refused to provide information and documents connected with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer.  Mr. Black was a financial advisor at LPL Financial LLC in Statesboro, Georgia, from October 2017 until his employment was terminated in April 2020 for violating firm policy for not disclosing the loan arrangements.  Mr. Black has also been affiliated with the following business entities:  Renasant Financial Services and LPL Business.

Mr. Black has also been the subject of three customer complaints while employed by LPL Financial LLC.   First, in April 2020, a customer alleged that Mr. Black recommended the purchase of bonds that were not suitable for the investor.   A second customer filed a complaint in July 2020, also alleging misrepresentation and unsuitable recommendations regarding the purchase of bond investments.  Third, a customer filed a complaint in October 2020, which alleged that Mr. Black misappropriated funds between August 2019 and April 2020.  No further details are publicly available regarding this pending complaint.

Before his employment with LPL Financial LLC, Mr. Black was a financial advisor at Wells Fargo in St. Simons Island, Georgia, from November 2013 until September 2017.

FINRA has permanently barred financial advisor James Couture (CRD#: 4406284) for violations related to his employment at LPL Financial. He was registered with LPL Financial (“LPL”) between February 27, 2009 and July 16, 2020.

LPL terminated Couture’s employment in July 2020. Couture and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) over allegations that formed the basis of Couture’s termination. Specifically, that while at LPL Financial, he engaged in the following misconduct:

  • Couture altered identifying information, including account balances and distributions in customer account statement;
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