Articles Posted in FINRA Disciplinary Actions

(FINRA Case #2015043939101)

Lawrence John Fawcett Jr. (CRD #5851474, Dix Hills, New York) – An AWC (Accept, Waiver & Consent) was issued in which Fawcett was fined $2,500, suspended from association with any FINRA member in all capacities for 15 business days and ordered to pay $22,714.30, plus interest, in disgorgement of commissions received.

Without admitting or denying the findings, Fawcett consented to the sanctions and to the entry of findings that he recommended unsuitable mutual fund transactions to a customer.

(FINRA Case #2018057246701)

Jimmy Oswald Moscoso (CRD #2912265, Boca Raton, Florida) – An AWC (Accept,Waiver & Consent) was issued in which Moscoso was barred from association with any FINRA member in all capacities.

Without admitting or denying the findings, Moscoso consented to the sanction and to the entry of findings that he converted an elderly customer’s funds. The findings stated that the elderly customer agreed to invest $20,000 in a purported real estate investment and gave Moscoso a check for $20,000 made payable to the name of a business owned by him. Moscoso endorsed the check, deposited it into a bank account he controlled and used the funds for his own personal use. After Moscoso’s member firm discovered his conduct, it fully reimbursed the customer and Moscoso reimbursed the firm.

(FINRA Case #2009019108901)

Talman Anthony Harris (CRD #3209947, Garden City, New York) – A U.S. Court of Appeals for the Second Circuit Summary Order became final. Harris was barred from association with any FINRA member firm in any capacity. The U.S Court of Appeals for the Second Circuit denied Harris’ petition for review following appeal of an SEC decision.

The sanction was based on findings that Harris fraudulently omitted material facts when soliciting purchases of securities and engaged in outside business activities without providing his member firm with prompt written notice.

(FINRA Case #2015045518901)

Larry Martin Boggs (CRD #1582741, Dallas, Texas)– An AWC (Accept, Waiver & Consent) was issued in which Boggs was barred from association with any FINRA member firm in all capacities.

Without admitting or denying the findings, Boggs consented to the sanction and to the entry of findings that he engaged in excessive and unsuitable trading in customer accounts.

(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.