(FINRA Case #2016050071102)

Derek Wayne Border (CRD #5175361, Huntington, Pennsylvania) submitted an AWC (Accept, Waiver and Consent) in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the findings, Border consented to the sanctions and to the entry of findings that he altered or caused to be altered customer documents, including account distribution forms, by copying and pasting customer signatures and/or altering dates and other information. The findings stated that the customers verbally authorized the underlying transactions.

At the time of the allegations Border worked form Sorrento Pacific Financial LLC and was discharged in August 2016.  Border is currently employed by Packerland Brokerage Services, Inc.

Ayrton Pierce Haddad (CRD #6125741) Naples, Florida

FINRA Case #2016051413301

Following Haddad’s voluntary resignation from E*Trade in August 2016 he admitted signing a customer’s name to an account transfer from and initialing a change on the account transfer from without the customer’s knowledge or consent, contrary to firm procedures.  While the customer authorized the transfer the form lacked one of the signatures necessary to process the transfer and, rather than returning the document to the customer to sign, the employee signed the customer’s name on the documents to expedite the process.  The customer has since signed the form, and was not harmed as a result of the employee’s actions.

The suspension is in effect from March 20, 2017, through November 19, 2017. (FINRA Case #2015044509301)

Mark Schklar (CRD #1952816, Eagleville, Tennessee) submitted an AWC (Accept, Waiver & Consent) in which he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for eight months. Without admitting or denying the findings, Schklar consented to the sanctions and to the entry of findings that he participated in private securities transactions by recommending and facilitating the sale of shares in a company that manufactured equipment used to grow marijuana without providing prior written notice to or obtaining prior written approval from his member firm.

The findings stated that Schklar ultimately facilitated the sale of 8 million shares of the company to four investors for total proceeds of $285,250. The findings also stated that Schklar loaned $80,000 to a customer without notifying the firm or obtaining its approval.

(FINRA Case #2014040873501)

Cecil Ernest Nivens (CRD #2110613, Gastonia, North Carolina) was named a respondent
in a FINRA complaint alleging that he circumvented his member firm’s WSPs (Written Supervisory Procedures) by failing to process as replacement trades variable universal life (VUL) purchase transactions, totaling approximately $439,805 in first-year premiums, even though Nivens recommended that each purchase be funded by withdrawals from an existing variable annuity.

The complaint alleges that from 2010 to Nivens’ departure from NYLife Securities LLC in February 2014, he was subject to heightened supervision that included a review of the number of replacement transactions processed
by Nivens and the suitability of those transactions on a quarterly basis.  Nivens was
aware of the heightened supervision plan and avoidance of this additional supervision provided motivation for Nivens to conceal that the transactions for his customers were replacements.

(FINRA Case #2013035313903)

Ultralat Capital Markets, Inc. (CRD #136791, Miami, Florida) submitted an AWC (Accept, Waiver & Consent) in which the firm was censured; fined $140,000; required to pay disgorgement of excessive markups in the amount of $48,055.84, plus interest; and required to, submit a written certification indicating that the firm has reviewed and revised its WSPs (Written Supervisory Procedures) regarding non-market foreign exchange (FX) rates and markups to achieve compliance with FINRA rules.

Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that the firm, acting through various individuals including but not limited to its former president and head trader, used non-market FX rates in certain bond swap transactions for retail customers, without disclosing to those customers that the trades were executed with FX rates away from the current market rate.

David William Beutler (CRD #2245901) Frankfort, Illinois
(March 6, 2017)
FINRA Case #2016051308601

Beutler has a Pending Customer Dispute from 09/01/2016.  The Customer is alleging that Beutler made unsuitable recommendations and is requesting damages of $450,000.

Beutler worked for Wells Fargo Advisors, LLC in Orland Park, IL from 2003-2016.

The suspension is in effect from April 3, 2017, through April 2, 2018. (FINRA Case #2016048923201)

Jarred M. Lawson (CRD #6093454, Jacksonville, Florida) submitted an AWC (Accept, Waiver & Consent) in which
 he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for one year. Without admitting or denying the findings, Lawson consented to the sanctions and to the entry of findings that he made negligent misrepresentations or omissions regarding the sale of primarily Class A and C mutual funds during telephone conversations with customers at his member firm.

The findings stated that Lawson failed to discuss all share classes, fees associated with Class A and C shares, and breakpoint fees with the customers. In addition, Lawson made negligent misrepresentations regarding the fees associated with a managed account. By providing inaccurate and incomplete information, Lawson prevented his customers from fully evaluating the investments that he recommended.

(FINRA Case #2013038868601)

Santander Securities LLC (CRD #41791, Dorchester, Massachusetts) submitted an AWC (Accept, Waiver & Consent) in which the firm was censured, fined $175,000 and ordered to pay $62,807.48, plus interest, in restitution to customers.

Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it sold municipal securities from its own account to a customer at an aggregate price (including any mark-up) that was not fair and reasonable.

(FINRA Case #2012030422902)

Legend Securities, Inc. (CRD #44952, New York, New York) was named a respondent in a FINRA complaint alleging various claims arising from failures in the firm’s compliance and supervisory systems and procedures.

The complaint alleges that Legend Securities, Inc. failed to report to FINRA, or failed to timely report, 96 customer complaints, and that the firm also failed to timely file amendments to Forms U4 or U5 to report arbitrations and complaints against Legend and its associated persons asserting sales practice violations.