Super Lawyers
AVVO
Million Dollar Advocates Forum
Martindale-Hubbell
BBB Accredited Business

FINRA Disciplinary Actions: August 2019

August 2019 Disciplinary Actions

When brokers violate FINRA rules or federal securities regulations—by stealing customer funds, recommending unsuitable investments, or refusing to provide on-the-record testimony to FINRA—the Financial Industry Regulatory Authority holds them to account. FINRA publicizes disciplinary actions taken against brokers in their monthly round-up. The full August 2019 report can be viewed here.

In the most serious cases of broker fraud or misconduct, FINRA permanently bars brokers from the securities industry. In August, 16 brokers were barred.

Individuals Barred by FINRA:

Broker Name CRD Number Location Circumstances Surrounding Bar
James F. Anderson CRD #4803514 Dakota Dunes, South Dakota Refused to provide documents to FINRA regarding selling away allegations
Alberto Sanchez CRD #4577983 Ft. Lauderdale, Florida Refused to provide documents to FINRA regarding “a potential undisclosed outside business activity”
James Reed Nelson (CRD #4824535 Tremonton, Utah Refused to provide testimony to FINRA after his member firm terminated him for allegedly misrepresenting “customer financial information to the firm in connection with annuity purchases”
Andrew Manuel Garcia CRD #6715172 Indianapolis, Indiana “converted approximately $3,392 belonging to a customer of his member firm”
Nicolas Barrios CRD #2122824 Lakeland, Florida Did not provide requested information to FINRA regarding fraud allegations
Donna Jean Flemming CRD #1791388 Littleton, Colorado “failed to implement an AML [anti-money laundering] compliance program reasonably designed to detect and cause the reporting of suspicious activity in her member firm’s primary business—accepting and liquidating customers’ deposits of microcap securities”
Nina Sue Jessee CRD #1484808 Abingdon, Virginia “failed to appear for on the-record testimony requested by FINRA in connection with its investigation of customer complaints related to alternative investments and allegations that she failed to disclose an outside business activity”
Daniel Robert Rozzi CRD #5319858 Oakland, New Jersey “failed to amend his Form U4 to disclose a $14,789 civil judgment entered against him that remains unsatisfied”
Patrick Neal Foley CRD #6682164 Redlands, California  “failed to appear and provide testimony requested by FINRA in connection with an investigation into allegations that he accepted loans from an elderly customer of his member firm”
Rand Alan Heckler CRD #2689235 Glen Cove, New York “he failed to provide documents and information, and refused to appear for on-the-record testimony, requested by FINRA in connection with its review of a customer complaint alleging unsuitable recommendations, misrepresentations and possible misappropriation”
George Craig Merhoff Jr. CRD #2918171 Klamath Falls, Oregon “he failed to provide documents and information requested by FINRA in connection with its review of his issuance of consolidated account reports to customers and his making of undisclosed payments to customers”
John Anthony Vedovino CRD #6113995 Pompton Plains, New Jersey Made purchases using his debit and credit cards and then asked for reimbursement from the bank, claiming someone else used his card
Amanda Justine Sarabia CRD #6437164 El Paso, Texas Failed to provide information to FINRA regarding allegations that she stole from a coworker at her member firm
Larry Michael Crabtree CRD #2479599 Edmond, Oklahoma Failed to provide information to FINRA regarding allegations that he stole funds
Daniel M. Soliman CRD #6053300 Staten Island, New York “failed to appear and provide on-the-record testimony requested by FINRA in connection with its investigation into his trading in customers’ accounts to determine whether he was engaged in conduct that violated federal securities laws or regulations or FINRA rules”
Gregory John Lane CRD #1400032 Waterloo, Illinois “failed to provide documents and information and refused to appear for and provide on-the-record testimony requested by FINRA during the course of an investigation. The findings stated that that Lane’s member firm had submitted a Form U5 that indicated that at the time of his resignation, he was under internal review by the firm”

 

Individuals Suspended:

Broker Name CRD Number Location Duration of Suspension Circumstances Surrounding Suspension
Carlos Ricardo Fuenmayor CRD #4055839 Key Biscayne, Florida June 17, 2019 through September 16, 2020 “as a director and 20 percent owner of his member firm with an option to purchase the remaining 80 percent, he acted as a General Securities Principal and a General Securities Representative without being registered in either capacity”
Ron Ray Willoughby Jr. CRD #2425926 Venice, California July 1, 2019 through September 30, 2019 “recommended that his customers roll over a UIT [Unit Investment Trust] before its maturity date in order to purchase a subsequent series of the same UIT, which generally had the same or similar investment objectives and strategies as the prior series”
Stephen C. Carver CRD #2230161 Chillicothe, Illinois June 17, 2019 through January 16, 2020 Failed to disclose three tax liens on his Form U4 (Uniform Application for Securities Industry Registration or Transfer)
Kyung Soo Kim CRD #5110456 Houston, Texas June 17, 2019 through July 16, 2019 Engaged in an outside business activity (cryptocurrency mining)  without firm approval
Lindsey Lee Burik CRD #5217229 Manhasset, New York July 15, 2019 through January 14, 2020 Submitted expense reports to member firm which stated that personal meals were for business purposes; requested reimbursement
Michael Allen Kamperman CRD #2002603 Waco, Texas July 1, 2019, through December 31, 2020 Recommended unsuitable investments to customer retirement accounts
Charles Louis Laubach CRD #1097453 Bel Air, Maryland July 15, 2019, through July 26, 2019 Exercised discretion in non-discretionary accounts without prior approval
Steven Michael Roffman CRD #1673527 Jacksonville, Florida July 15, 2019, through August 28, 2019 Engaged in unauthorized trading; mismarked solicited tickets as unsolicited
Adriana Marcela Agha CRD #4827296 Cumming, Georgia July 1, 2019, through December 31, 2020 Used an acquaintance’s name to open credit cards
Fred Brown CRD #1175385 Montgomery, Alabama July 1, 2019, through February 29, 2020 Borrowed $69,000 from two clients without informing member firm
Mijin Kim CRD #6799926 Frederick, Maryland July 1, 2019 through June 30, 2020 Altered signed customer documents without permission; fabricated emails
Mark Gregory Raezer CRD #6439772 Colorado Springs, Colorado July 1. 2019 through April 30, 2020 “participated in private securities transactions involving a total of approximately $911,000 without providing notice to or obtaining approval from his member firm”
Jeff Schwebach CRD #1606537 Sioux Falls, South Dakota July 1, 2019, through February 29, 2020 Sold promissory notes without categorizing this outside business activity as a private securities transaction
Zvi Benzvi CRD #2994766 Great Neck, New York July 1, 2019 to September 30, 2019 Issued promissory notes to solicit a private venture capital firm to invest in his company, thus engaging in private securities transactions without providing written notice from his member firm and obtaining their approval

 

If your broker has been suspended or barred from the securities industry, you may have been a victim of a financial crime. Don’t hesitate to contact a securities attorney. Call (877) 238-4175 or email info@fkesq.com for your free consultation.

Contact Information