TAG | broker guaranteeing rate of return
Christian Genitrini (CRD #3277581, Registered Representative, New York, New York)
submitted a Letter of Acceptance, Waiver and Consent in which he was fined $15,000,
suspended from association with any FINRA member in any capacity for two years, and
required to requalify by exam for Series 7 and Series 63 before becoming re-associated
with a member firm after the expiration of the suspension term. The fine shall be paid in
installments beginning 90 days after Genitrini’s 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, Genitrini consented to the described sanctions and to the entry of findings that
he advertised guaranteed returns on investments of up to 20 percent per year on a website
belonging to a company he wholly owned; Genitrini claimed that his company was a fullservice
investment firm and would, among other claims, provide high-yield investment
opportunities. The findings stated that the website declared that the company invested
nationwide and all industries were considered, but did not disclose the nature of the
investment product or the risks of investment. The findings also stated that Genitrini’s ads
appeared on other websites guaranteeing returns, and his company’s contemplated private
placement documents provided no assurance that by following its current investment
strategy, it would be successful or profitable; the subscription agreement also stated that
the investments the company carried might be volatile and present operational risks.
The findings also included that Genitrini’s Internet ads constituted communications with
the public; were not based on principles of fair dealing and good faith; were not fair and
balanced; did not disclose risks associated with the investment; guaranteed promising
returns that were exaggerated, unwarranted or misleading; and the predictions of
performance were also exaggerated or unwarranted.
FINRA found that Genitrini’s private offering of securities, which involved promissory
notes his company issued according to the private placement memorandum, was not
made pursuant to an effective registration statement filed with the SEC; the offering
was intended to be made pursuant to the exemption from registration in Section 4(2)
of Rule 506 of Regulation D of the Securities Act of 1933, which prohibits offers or sales
of securities by any form of general solicitation or general advertising. FINRA also found
that Genitrini’s use of the Internet and his company’s website violated Section 5 of the
Securities Act of 1933, and guaranteeing returns in the offer of securities over the Internet
violated Section 17(a)(1) of the Securities Act of 1933. In addition, FINRA determined
that Genitrini falsely described his work with his company on his member firm’s outside
business activity disclosure form and also failed to disclose that he maintained a website
for the company; Genitrini told his firm, in writing, that his business and website were for
The suspension is in effect from April 4, 2011, through April 3, 2013.
(FINRA Case #2010022859701)
This information was obtained on FINRA’s website under the May disciplanary actions.
If you feel you have been a victim of the alleged fraudulent schemes of Christian Genitrini, 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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Joey Wade Dean (CRD #3061136, Registered Representative, Hot Springs, Arkansas)
was barred from association with any FINRA member in any capacity. The sanction was based on findings that Dean willfully made material misrepresentations and omissions to customers that were either intentional or reckless in connection with the purchase of securities.
The findings stated that Dean sold the customers unsecured firm debts and
misrepresented that their principal was protected and falsely guaranteed the customers a rate of return.
The findings also stated that Dean executed unauthorized sales of shares of the securities from customers’ accounts. The findings also included that Dean
recommended and effected unsuitable transactions in customers’ accounts because of
the extraordinary concentration of a single issuer’s securities in the customers’ accounts.
(FINRA Case #2008012833801)
This information was obtained on FINRA’s website.
If you have become a victim of these alleged fraudulent schemes of Joey Wade Dean, call a Securities Arbitration Lawyer for a free consultation on how you could potentially recover you 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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