(FINRA Case #2016047565702)
Dakota Securities International, Inc. (CRD #132700, Miami, Florida) and Bruce Martin Zipper (CRD #1019731, Miami, Florida) – The firm and Zipper were named respondents in a FINRA complaint alleging that while statutorily disqualified and suspended in all capacities, Zipper conducted a securities business, engaged in clerical and managerial activities on behalf of the firm, and continued to associate with the firm in violation of a suspension order he had entered into with FINRA.
The complaint alleges that Zipper engaged in activities that required registration by soliciting the sale of securities, communicating with customers regarding securities and account holdings, providing account statements to customers, accessing the firm’s trading systems, and engaging in clerical and managerial functions on behalf of the firm, including emailing with firm vendors.
The complaint also alleges that the firm was notified, in writing, of Zipper’s suspension; However, while he was suspended in all capacities, the firm allowed him to be associated with it in capacities inconsistent with the sanctions imposed by allowing him to perform the above mentioned functions. The complaint further alleges that the firm failed to establish and maintain a supervisory system reasonably designed to ensure regular review of electronic correspondence, and that individuals subject to a suspension were not acting in a capacity that required registration or otherwise acting in contravention of the suspension.
During Zipper’s suspension period, there were numerous red flags suggesting that he was violating his suspension including, but not limited to, numerous emails sent by him using the firm’s email system and trades being placed through the firm’s trading system under his representative code. In addition, the complaint alleges that Zipper and another associated person of the firm caused the falsification of the firm’s books and records by misidentifying the broker of record for hundreds of trades.
Zapper was permitted to resign from Dakota Securities International, Inc. due to the allegations. He was employed by Dakota Securities International, Inc. for 12 years.
If you feel you have been misled by Bruce M Zipper or Dakota Securities International, Inc. and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.