Articles Posted in FINRA

Sen. Edward J. Markey, D-Mass, who was instrumental in FINRA’s development of its BrokerCheck database and a proponent of investor protection, issued a letter today to FINRA’s Chairman Richard Ketchum and forwarded to SEC Chair Mary Jo White. Senator Markey’s letter criticizes improper expungement of arbitration awards from BrokerCheck records, a practice that the Public…

Our original concerns about Wells Fargo Broker Adorean Boleancu have escalated. In March, Boleancu was ordered by FINRA to pay back a widowed client $650,000. He was indicted on charges of check fraud and money laundering in California and, in a civil complaint filed in August of 2012, it was alleged that Boleancu made an…

Claimants lawyers and investors everywhere are celebrating a new FINRA rule that was approved yesterday by the SEC. This rule, which will become effective on September 30th, makes an all-public panel the default option for choosing the three arbitrators deciding cases involving a claim of $100,000 or more. Robert Banks was the chair of the…

FINRA has issued a Regulatory Notice advising brokers to be careful about the language they use when selling IRAs to investors. Specifically, FINRA discusses describing IRA accounts as “free” or sold at “no fee”. The communications of brokers and their employers must be fair, balanced, and complete, with no omissions of material information that would…

The FINRA BrokerCheck record of Altamonte Springs, Florida broker Stephen Pizzuti (CRD # 1461660) shows that Mr. Pizzuti is the subject of a FINRA Department of Enforcement Complaint. The complaint, filed July 3rd, alleges that Mr. Pizzuti distributed materially misleading sales information to the public, provided false information to FINRA, and other activities. Mr. Pizzuti…

The FINRA BrokerCheck record of Altamonte Springs, Florida broker John W. DuBrule (CRD # 1223724) shows that Mr. DuBrule is the subject of a FINRA Department of Enforcement Complaint. The complaint, filed July 3rd, alleges that Mr. DuBrule provided false information on client statements and other activities. Mr. DuBrule shows as being currently employed by…

The FINRA BrokerCheck record of former Florida broker Kevin A. Tuttle (CRD # 2414158) shows that Mr. Tuttle is the subject of a FINRA Department of Enforcement Complaint. The complaint, filed July 3rd, alleges that Mr. Tuttle provided false information on client statements and other activities. Mr. Tuttle is no longer registered as a broker…

The FINRA BrokerCheck record of Portland, Oregon broker Ormond Hart Ormsby (CRD # 1017594) shows that Ormsby has been sanctioned by FINRA within the past two months, for violations of investment-related rules or regulations.  He has been suspended until November 19, 2013 from association with any FINRA member in any capacity. The Banks Law Office…

The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation have published a free 53-page educational guide for seniors and their caregivers: Money Smart for Older Adults. The guide discusses an array of financial exploitation of seniors, from telephone scams to Ponzi schemes, and provides a glossary and contact information for further guidance. Basic…

What’s a Variable Annuity? Basically a variable annuity is a life insurance contract, a wager on the life expectancy of a person. That person is the “annuitant” for purposes of the contract. The person who holds the contract is “the owner.” They’re not necessarily the same person. In return for an investment of an initial…