(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.

(FINRA Case #2016052559401)

Michael Lawrence Oromaner (CRD #2857559, Huntington, New York) – An AWC (Accept, Waiver & Consent) was issued in which Oromaner was assessed a deferred fine of $25,000, suspended from association with any FINRA member firm in all capacities for two years and required to pay $60,158, plus interest, in restitution to customers.

Without admitting or denying the findings, Oromaner consented to the sanctions and to the entry of findings that he exercised discretion in a customer’s account without prior written authorization from the customer or approval from his member firm. The findings stated that Oromaner effected unauthorized trades in a second customer’s account without the customer’s authorization, knowledge or consent.

(FINRA Case #2013039507101)

Anthony Sica (CRD #1332626, Sands Point, New York) – An AWC (Accept, Waiver & Consent)was issued in which Sica was fined $20,000, suspended from association with any FINRA member in all capacities for three months, required to pay $3,039.11, plus interest, in restitution to a customer and required to attend and satisfactorily complete 10 hours of continuing education concerning suitability or dealing with senior customers by a FINRA-approved provider.

Without admitting or denying the findings, Sica consented to the sanctions and to the entry of findings that he made unsuitable recommendations to an elderly customer living on a fixed income. The findings stated that Sica repeatedly recommended that the customer purchase high risk, speculative securities that were inconsistent with her investment profile.

(FINRA Case #2016050058801)

Brad C. Lawing (CRD #4986486, Springfield, Missouri)– An AWC (Accept, Waiver & Consent) was issued in which Lawing was assessed a deferred fine of $10,000, suspended from association with any FINRA member in all capacities for five months and ordered to pay $11,754, plus interest, in deferred restitution to customers.

Without admitting or denying the findings, Lawing consented to the sanctions and to the entry of findings that he disclosed nonpublic information of ten customers, including information about their account balances or investment strategies, to their former registered representative who had become statutorily disqualified due to a felony conviction.

(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.