(FINRA Case #2015045456401)

David Oscar Braeger (CRD #2137240, Bayside, Wisconsin) – Braeger appealed an OHO (Office of Hearing Officers) decision to the NAC (National Adjudicatory Council). Braeger was barred from association with any FINRA member firm in all capacities.

The sanction was based on findings that Braeger converted his customers’ $30,000 and that he made false and misleading statements over the course of more than five years to conceal his conversion.

(FINRA Case #2015043587601)

Jeffrey Collins Kinder (CRD #1442891, St. Louis, Missouri) – An AWC (Accept, Waiver & Consent) was issued in which Kinder was assessed a deferred fine of $20,000 and suspended from association with any FINRA member firm in all capacities for 15 months. In light of Kinder’s financial status, the sanction does not include disgorgement.

Without admitting or denying the findings, Kinder consented to the sanctions and to the entry of findings that he unsuitably recommended that five customers, including three senior investors, engage in mutual-fund switching and short-term trading of UITs.

(FINRA Case #2015048039501)

 Richard Alan Shotz (CRD #1681893, Port Orange, Florida) – An AWC (Accept, Waiver & Consent) was issued in which Shotz was fined $7,500 and suspended from association with any FINRA member in all capacities for four months.

Without admitting or denying the findings, Shotz consented to the sanctions and to the entry of findings that he engaged in an unsuitable pattern of short-term trading of UITs in customer accounts.

(FINRA Case #2015047602801)

 Michael Nicholas Guilfoyle (CRD #5119593, Old Bridge Township, New Jersey) – An AWC (Accept, Waiver & Consent) was issued in which Guilfoyle was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for 10 months.

Without admitting or denying the findings, Guilfoyle consented to the sanctions and to the entry of findings that he engaged in unsuitable excessive trading in the accounts of two customers, one of whom was a retired senior citizen.

(FINRA Case #2016052114701)

Benjamin James Herauf (CRD #6253620, Saint Louis Park, Minnesota) – An AWC (Accept, Waiver & Consent) was issued in which Herauf was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for six months.

Without admitting or denying the findings, Herauf consented to the sanctions and to the entry of findings that he forged a customer’s signature on four forms related to the transfer of mutual fund holdings into the customer’s account at his member firm without the customer’s knowledge or authorization.

(FINRA Case #2014041862704)

 Brenton Louis Bataille (CRD #2070777, Englewood, Colorado) – An AWC (Accept, Waiver & Consent) was issued in which Bataille was fined $5,000, suspended from association with any FINRA member in all capacities for 10 business days, and required to pay $2,200, plus interest, in disgorgement of commissions received.

Without admitting or denying the findings, Bataille consented to the sanctions and to the entry of findings that he recommended the purchases of convertible notes without a reasonable basis to conclude they were suitable for any investor.

(FINRA Case #2015048048801)

Hank Mark Werner (CRD #1615495, Northport, New York) – An OHO (Office of Hearing Officers) decision became final in which Werner was fined $80,000; barred from association with any FINRA member in all capacities; ordered to pay $155,393.61, plus prejudgment interest, in restitution to a customer; and ordered to disgorge $10,030, plus prejudgment interest.

The sanctions were based on findings that Werner willfully violated Section 10(b) of the Securities Exchange Act of 1934 and Exchange 28 Disciplinary and Other FINRA Actions February 2018 Act Rule 10b-5, and violated FINRA Rule 2020 by churning and excessively trading three accounts belonging to a customer who was elderly, blind and in poor health.

(FINRA Case #2016050260001)

Summit Brokerage Services, Inc. (CRD #34643, Boca Raton, Florida) – An AWC (Accept, Waiver & Consent) was issued in which the firm was censured and required to provide FINRA with a remediation plan to remediate eligible customers who qualified for, but did not receive, an applicable mutual fund sales-charge waiver.

As part of this settlement, the firm agreed to pay restitution to eligible customers, which is estimated to total approximately $356,915 (the amount eligible customers were overcharged, inclusive of interest). The firm will also ensure that retirement and charitable waivers are appropriately applied to all future transactions.

(FINRA Case #2014043043601)

Marlon O. Cole (CRD #5054806, Queens Village, New York)– An AWC (Accept, Waiver, Consent) was issued in which Cole was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 16 months.

Without admitting or denying the findings, Cole consented to the sanctions and to the entry of findings that he engaged in excessive trading in senior citizens’ accounts.

(FINRA Case #2015047910601)

Timothy Thomas Gibbons (CRD #219872, New Orleans, Louisiana) – An AWC (Accept, Waiver & Consent) was issued in which Gibbons was assessed a deferred fine of $20,000, suspended from association with any FINRA member in all capacities for 18 months and ordered to pay deferred partial restitution of $716,749.78, plus interest, to customers.

Without admitting or denying the findings, Gibbons consented to the sanctions and to the entry of findings that he made unsuitable investment recommendations to five elderly, retired customers, who ranged in age from 72 to 90, when he over concentrated the customers’ accounts in a single, high-risk energy sector security.