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FINRA Suspends 12+ Representatives In October 2018

iStock-157725324-1-300x200Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on January 19, 2019 list more than a dozen brokers and/or investment advisers reported in December 2018 as suspended from association with FINRA member firms. The financial professionals enumerated below have signed letters of Acceptance, Waiver and Consent (AWC Letters) agreeing to the sanctions; they have not admitted to or denied the conduct alleged by FINRA. Certain suspensions may affect the individual’s operation in a principal capacity or other capacities, and some actions may have lifted before or since FINRA’s report was published. Additionally, the fines listed below may not take into account all monetary penalties paid, as some representatives may also have been ordered to pay disgorgment and/or restitution to other parties. They include Tol Ho, sanctioned in connection with allegations he caused his firm’s books and records to be inaccurate when he failed to record bond purchases; Daniel Kittner, sanctioned in connection with findings he exercised discretion in the accounts of two customers without their written authorization or his firm’s acceptance of the accounts as discretionary; Jose Paula, sanctioned in connection with findings he attempted to settle a customer complaint without notifying or obtaining authorization from his firm; Steven Sosnowski, sanctioned in connection with findings he forged a customer’s signature to open an insurance policy; and Eric Kunis, sanctioned in connection with findings he participated in an unsuitable pattern of short-term unit investment trust trading. Visit FINRA’s disciplinary action homepage for more information.

Name Current/Former Employers Fine Paid Length of Suspension
Tol Ho LPE Securities $7,000 2 months
John Wendel Gilbert Raymond James & Associates $7,500 45 days
Daniel K. Kittner Ameritas Investment Corporation $7,500 65 days
Wesley Justin Foltz Prospera Financial $7,500 30 days
Sidney Joseph Dufresne Jr. Regulus Advisors $5,000 3 months
Jose Luis Paula NYLife Securities $5,000 30 days
John-Aaron Lenhert Morgan Stanley $7,500 5 months
Steven John Sosnowski State Farm VP Management Corp. $5,000 5 months
Christopher Michael Herrmann Key Investment Services $10,000 9 months
Eric Howard Kunis Trident Partners $2,500 2 months
Kevin Robert Loud Silbert Bennett Financial $7,500 4 months
David Raymond Colflesh NYLife Securities n/a 18 months
W. Michael Rosenberg Intrepid Investment Bankers $25,000 20 days
Michael Eugene Heath Infinity Financial Services $12,500 45 days

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