Securities Fraud Blog | Find out if your broker is liable for your losses

TAG | broker falsifying information

Feb/12

6

Key Biscayne Rep Barred by FINRA

Comments off · Posted by admin in FINRA

The following information appeared on FINRA’s website:
 
Ricardo Blanco (CRD #1793188, Registered Representative, Key Biscayne, Florida)
 
submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Blanco consented to the described sanction and to the entry of findings that he sent documents that contained false and inflated account values to a customer and also sent the customer a false account statement, which indicated that the account’s value was approximately $3 million when, in fact, it was worth less than a dollar. The findings stated that Blanco sent a false account statement with an inflated value to another customer; the false statement indicated that the value of the account was approximately $2 million when the account had, in fact, been closed. The findings also stated that Blanco failed to respond to FINRA requests to provide certain documents and access to other documents.
(FINRA Case #2011027098601)
 
The above information was obtained on FINRA’s website under ‘Disciplinary Actions’ January, 2012, and at this point, has ended.
 
Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to Ricardo Blanco of Key Biscayne, FL, or to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.stockmarketlawsuit.com.
 
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
 

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Apr/11

6

Dustin Kent Jefferies Sanctioned by FINRA

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Dustin Kent Jefferies (CRD #4376154, Registered Principal, Columbus, Ohio)

submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000, barred from association with any FINRA member in any principal capacity, and suspended from association with any FINRA member in any capacity for one year. The fine must be paid either immediately upon Jefferies’ reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Jefferies consented to the described sanctions and to the entry of findings that he signed or traced customers’ signatures on applications to purchase life insurance or critical care insurance through an electronic application system available at his member firm, without the customers’ knowledge or consent and contrary to firm policy. The findings stated that Jefferies submitted life insurance applications for fictitious customers and, along with creating fictitious customer names and addresses, he created fictitious social security numbers, driver’s license numbers and other information about the purported customers.The findings also stated that Jefferies submitted these applications for fictitious customers in order to give the appearance that he was meeting his required production for insurance policies sold. The findings also included that when Jefferies submitted each of the fictitious applications, he listed fictitious credit card numbers made up of all zeros for the initial premium payment, knowing that the credit card would be rejected with no payment being collected or the customers billed, while at the same time, his firm would give him immediate credit for submitting a new insurance policy.

FINRA found that when questioned by his manager about the applications, Jefferies initially denied having any knowledge of the practice and when later pressured by his manager, he then offered that newer agents may have been engaged in the activity. FINRA also found that it was only after his manager noted that almost all of the applications with zeros for credit card numbers were submitted from his office that Jefferies admitted to his misconduct, stating he did so because the applications would be credited to his production numbers more promptly that month. In addition, FINRA determined that Jefferies also admitted that he had submitted applications using fictitious names and other information.

The suspension is in effect from February 7, 2011, through February 6, 2012.

 

 

(FINRA Case #2009018919701)

This information was obtained on FINRA’s Website.

 

If you feel you have been an alleged victim of  Dustin Kent Jefferies  please call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

 

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Apr/11

6

Roger Craig Fulton Suspended by FINRA

Comments off · Posted by admin in FINRA

 

 

Roger Craig Fulton (CRD #3268583, Registered Principal, Richmond, Texas)

 

submitted a Letter of Acceptance, Waiver and Consent in which he was suspended from association with any FINRA member in any capacity for three months. In light of Fulton’s financial status, no monetary sanctions were imposed. Without admitting or denying the findings, Fulton consented to the described sanction and to the entry of findings that he submitted a variable annuity application and other documents to his member firm knowing that they contained falsified customer signatures. The findings stated that Fulton recommended that a customer switch a variable annuity he owned for another variable annuity, which had advantageous riders. The findings also stated that the customer agreed to the switch, but Fulton agreed to delay the switch until market conditions improved. The findings also included that Fulton determined that market conditions were appropriate for the switch on a certain date, but the customer was out of town on an extended trip at that time.FINRA found that Fulton and the customer then agreed that the customer’s relative would sign the customer’s name to the variable annuity application and the other documents necessary to complete the switch transaction, which she did with Fulton’s knowledge. FINRA also found that Fulton then submitted the annuity application and other documents the relative falsely signed to his firm as authentic, knowing that the customer’s signature on the documents was not authentic. In addition, FINRA determined that Fulton’s submission of the falsified application and other documents to his firm caused the firm’s books and records to be inaccurate.

The suspension is in effect from February 7, 2011, through May 6, 2011.

(FINRA Case #2009018041101)

This information was obtained on FINRA’s website.

If you feel you have been a victim of the alleged fraudulent schemes of  Roger Craig Fulton, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

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