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Failure to Supervise

Leona Lynn Parsons Barred During Investigation of Whether She Kept Customer Funds

On May 23, 2018, FINRA announced that it barred former securities broker Leona Lynn Parsons from associating with firms registered with FINRA.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms. In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Parsons because she declined to provide

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Michael P. Spolar, Ex-Broker, Has Ten Customer Complaints and Was Recently Denied Ohio License

On March 29, 2018, the State of Ohio Division of Securities denied an application for a securities license to former LPL Financial LLC and International Assets Advisory LLC broker, Michael P. Spolar.  The decision comes in the wake of ten customer claims accusing Spolar of misconduct, two broker-dealers discharging him, and a securities regulator suspending

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Leon Vaccarelli Indicted on Criminal Charges for Alleged Theft

On May 14, 2018, the Securities and Exchange Commission (SEC) announced that federal prosecutors filed federal criminal charges against Leon Vaccarelli. A federal grand jury in New Haven, Connecticut returned a 12-count criminal indictment against Vaccarelli for fraud and money-laundering.  The charges are in connection with allegations Vaccarelli defrauded individuals out of more than $1

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James Knee, Ex-Voya and Ameriprise Broker, Barred from Securities Industry

On May 9, 2018, FINRA announced that it barred former securities broker James Knee from associating with firms registered with FINRA.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms. In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Knee because he declined to appear to

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Brandon Carl Rudolph, Ex-Broker, Barred During Investigation into His Possible Private Securities Transaction

On May 9, 2018, the Financial Industry Regulatory Authority, Inc. (FINRA) barred Brandon Carl Rudolph from associating in any capacity with firms registered with FINRA.  FINRA registers and regulates securities brokers and brokerage firms. FINRA announced the bar in a Letter of Acceptance, Waiver and Consent (AWC).  In the AWC, FINRA said it barred Rudolph

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Fifth Third Securities Fined $4 Million for Exchanges of Variable Annuities

On May 8, 2018, the Financial Industry Regulatory Authority (FINRA) announced that it fined Fifth Third Securities, Inc. $4 million.  FINRA, the self-regulator of securities brokerages, levied the fine in connection with its investigation of Fifth Third’s variable annuities exchanges occurring from 2013 through 2015. FINRA also ordered Fifth Third to pay a total amount

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Marcus Duane Parker, former Wells Fargo broker, Barred During Investigation into Possible Theft

On February 16, 2018, FINRA announced that it barred securities broker Marcus Duane Parker from associating with firms registered with FINRA.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms. In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Parker when he failed to respond to

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Sonya Camarco Customers Still Have Claims to Recover Loses from the Ex-Broker

Between August 2017 and December 2017, six FINRA arbitration claims were filed against the former Colorado based broker Sonya Camarco alleging misrepresentations of a trust or misappropriations of customer funds, according to Financial Regulatory Authority, Inc. (FINRA) records. In October and December two of the claims settled, with at least one for 100% of claimed

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LPL Financial Fined Up To $26 Million for Unregistered Securities Sales

On May 2, 2018, the North American Securities Administrators Association (NASAA)—the association of state, Canada, Mexico, and U.S. territory securities regulators—announced a settlement with LPL Financial LLC.  The settlement between the NASAA and LPL requires LPL to offer to repurchase certain unregistered securities it sold investors since October 2006 and to pay civil penalties that

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James Knee, Ex-Voya and Ameriprise Broker, Indicted on Theft and Fraud Charges

Update: James Knee barred from securities industry. On April 27, 2018, a grand jury in Merrimack County, New Hampshire returned an 11-count indictment against James Knee.  The indictment follows New Hampshire Department of Justice filing charges against Knee that include theft by deception, financial exploitation of the elderly, and investment advisor fraud. Knee was also

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