Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on November 18, 2016 indicate that South Dakota-based Kovack Securities broker/adviser John Schwan has received several regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Schwan (CRD# 1421895).
John Schwan has spent thirty years in the securities industry and has been registered with Kovack Securities in Aberdeen, South Dakota since 2010. Previous registrations include Cambridge Investment Research in Aberdeen, South Dakota; Cap Pro Brokerage Services in Columbus, Ohio; FFP Securities in Chesterfield, Missouri; and NYLife Securities in New York, New York. He is a registered broker and investment adviser with 32 US states and territories.
According to his BrokerCheck report, John Schwan has received four regulatory sanctions.
In October 2016 the California Department of Securities sanctioned John Schwan following allegations he “participated in private securities transactions, not for compensation, without providing prior written notice to, or receiving prior written approval from his prior Firm, and engaged in outside business activities for compensation without providing prompt written notice to his prior Firm.” He was issued a four-week suspension.
In March 2016 the South Dakota Division of Securities sanctioned John Schwan following allegations he participated in private securities transactions, not for compensation, and engaged in undisclosed outside business activities. He was issued a fine of $4,000.
In February 2016 FINRA sanctioned John Schwan following allegations he “participated in private securities transactions, not for compensation, without providing prior written notice to, or receiving prior written approval from his member firm” and additionally “participated in outside business activities for compensation, without seeking the firm’s permission or obtaining the requisite prior approval.” He was issued a two-month suspension and a fine of $20,000.
If you or someone you know has lost money investing with John Schwan, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.