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.
Edward L. Turley, a 28-year industry veteran in San Francisco, faces five high-dollar customer claims that have cropped up since the March 2020 pandemic-induced market crash.
Robert R. Satterfield, a 21-year broker who left Morgan Stanley in January 2020, has been ordered to pay more than $1.8 million, including damages, interest and fees related to the dispute.
“She didn’t want to sell. I think she wanted to pass it down to her children,” the plaintiff’s lawyer said about their unauthorized trading claim.
Giordan Marc Zaro, who had already been expelled from Merrill for sending confidential information to a personal email address, also attempted to lift customer account data, the regulator said.
But broker-dealers and brokers engaged in misconduct will often uncover ways, despite the new rule, to avoid the regulators’ grasp, a former enforcement lawyer predicted.
The ex-Merrill representative falsely claimed on an application that she had earned $35,000 from renting out a room in her home, although she had not actually listed the property during that time, Finra said.