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Ferrell Rollins, Former Capital Investment Group, Inc. Broker, Terminated for Borrowing Money from Customer

Ferrell RollinsFerrell Rollins (CRD#: 1449560), a former broker with Capital Investment Group, Inc. (CRD#: 14752), was terminated on September 10, 2019 for allegedly violating firm policy by borrowing money from a customer, according to his BrokerCheck record accessed on November 14, 2019. He then allegedly lied on Annual Compliance Questionnaires. Ferrell Rollins’ alleged conduct is also a violation of FINRA Rules 2010 and 3240. FINRA Rule 2010 is a “catch-all” rule, stating simply that members “shall observe high standards of commercial honor and just and equitable principles of trade.” FINRA Rule 3240 prohibits brokers from borrowing money from or lending money to customers. There are a few exceptions to this rule, such as when the customer is a broker’s family member, the customer is a financial institution, “the lending arrangement is based on a personal relationship with the customer, such that the loan would not have been solicited, offered, or given had the customer and the registered person not maintained a relationship outside of the broker-customer relationship,” or “the lending arrangement is based on a business relationship outside of the broker-customer relationship.”

Ferrell Rollins’ termination is not the only time he has left a firm amidst allegations of misconduct. On November 7, 2005, he was permitted to resign from Davenport & Company LLC after he allegedly violated the firm’s privacy policy. According to Ferrell Rollins’ BrokerCheck record he sent an email “to a third party, containing client account numbers, names [and] addresses, in error, in attempting to load information to an outside marketing database. Rep did not intend to have client personal account information sent as it was already on the database. Branch Operations was notified by rep and attempts to retrieve the e-mail were unsuccessful. Branch Manager advised this was in violation of the company policy and securities law.”

Over his 33-year career, Ferrell Rollins worked for eight broker-dealers:

  • Capital Investment Group, Inc. (CRD#; 14752) of Rocky Mount, North Carolina
  • Davenport & Company LLC (CRD#: 1588) of Richmond, Virginia
  • Wachovia Securities, LLC (CRD#: 19616) of St. Louis, Missouri
  • First Union Capital Markets Corp. (CRD#: 6124) of Charlotte, North Carolina – SEC registration status terminated on December 28, 1999
  • Legg Mason Wood Walker, Incorporated (CRD#: 6555) of Baltimore, Maryland – SEC registration status terminated on June 2, 2006
  • Interstate/Johnson Lane Corporation (CRD#: 431) of Charlotte, North Carolina – SEC registration status terminated on August 16, 2002
  • First American National Securities, Inc. (CRD#: 10111)

If Ferrell Rollins was your broker and you suspect wrongdoing, don’t hesitate to come forward and consult with a securities attorney who can fight for your rights as an investor. Call (877) 238-4175 or email info@fkesq.com for your free case consultation with the securities attorneys of Fitapelli Kurta.

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