(FINRA Case #2015044939901)
Mark Sherman Perry (CRD #1219294, Mt. Pleasant, South Carolina) – An AWC (Accept, Waiver & Consent) was issued in which Perry was suspended from association with any FINRA member in all capacities for 18 months. In light of Perry’s financial status, no monetary sanction has been imposed.
Without admitting or denying the findings, Perry consented to the sanction and to the entry of findings that he made unsuitable investment recommendations to four elderly, retired customers. The findings stated that Perry over concentrated the customers’ accounts in precious metal sector securities.
Perry also recommended that the customers purchase and hold leveraged mutual funds and/or ETFs in their accounts for extended time periods of up to 963 days. Perry had no reasonable basis to believe that his recommendation that the customers hold leveraged mutual funds and/ or ETFs in their accounts for extended time periods was suitable for any customer.
Perry’s unsuitable investment recommendations resulted in collective realized and unrealized losses of approximately $200,000 in the four customers’ accounts. The findings also stated that Perry falsified the account records of the elderly customers by misstating each customer’s risk tolerance in order to recommend that the customer purchase high-risk securities.
The findings also included that Perry sent several emails to a customer wherein he made misleading and promissory statements about the investments in the customer’s account. Perry had no basis for making these statements and admitted that the statements Disciplinary and Other FINRA Actions 21 November 2017 were designed to ease the customer’s anxiety about the investments in his account. FINRA found that Perry failed to disclose two customer complaints regarding trading losses to his member firms. Perry caused his member firm to maintain inaccurate books and records by misstating several customers’ risk tolerance on new account forms, making misleading and promissory statements in written communications with a customer and failing to report the two customer complaints to his firms.
Perry was employed by Royal Alliance Associates Inc. from 2003 to 2015 and was permitted to resign due to review of violations of firm policy. Perry was then employed by Independent Financial Group LLC and Cambridge Investment Research Inc. for short periods of time.
The suspension is in effect from September 18, 2017, through March 17, 2019.
If you feel you have been misled or taken advantage by Mark Sherman Perry or any Broker 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.