A three-person panel also refused to expunge the manager’s record, according to an award, which did not include an explanation.
Jerry Rice resigned from Raymond James’ independent broker unit in 2019 after the firm initiated a review into alleged conflicts of interest related to undisclosed gifts from a client.
Bradley R. Thompson, a 22-year broker now with Kovack Securities, was successful in expunging from his record a 2016 violation from LPL Financial over an “infraction of firm policy concerning loans.”
The industry’s self-regulator alleged that the NYC-based rep, who worked in prime brokerage, tried to pass off $2,270 in bus commuting costs as client travel.
The award is the first in a Yield Enhancement Strategy case where the claimants won the full amount damages they had requested, their lawyer said.
The 36-year industry veteran was unsuccessful in his bid to clear his record of three financial crisis-era disputes that had settled for about $3 million combined.
Finra suspended former Wells rep Jacob Popek for maintaining brokerage accounts at other member firms without consent or properly notifying the firm.
Scott G. Madison, a 19-year industry veteran, was discharged from Merrill in February after the firm investigated if he had improperly obtained pandemic relief funds meant for small businesses.
Of the 792 proposed virtual hearings between March 2020 and July, 453 drew contested motions, according to the industry self-regulator’s data.
Curtis J. Parry was granted expungement of a small unauthorized trading complaint settled in 2000, partly on the basis that his former PaineWebber branch manager called clients to drum up disputes after he and his brother left the firm.