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Swingle Fined & Suspended for Borrowing Money from Clients for Gambling Debt

(FINRA Case #2016051931501)

Michael Terry Swingle (CRD #723350, Dunedin, Florida) – An AWC (Accept, Waiver & Consent) was issued in which Swingle was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 18 months.

Without admitting or denying the findings, Swingle consented to the sanctions and to the entry of findings that as a result of deteriorating financial circumstances caused in part by gambling, he borrowed a total of $118,500 from five customers of his member firm, contrary to the firm’s policy.

The findings stated that Swingle had a personal relationship with some of the customers and at least three of the five customers were elderly. Swingle borrowed $96,000 of the $118,500 from one elderly couple. Swingle continued to gamble after receiving the loan proceeds. Of the $118,500 borrowed by Swingle, $102,786 remains outstanding.

Swingle obtained the loans without the firm’s knowledge or pre-approval. The firm’s written supervisory procedures during the relevant period prohibited representatives from borrowing money from customers in any circumstances, a policy that Swingle acknowledged on firm attestation forms.

After Swingle self-reported the loans to J.W. Cole Financial, Inc., he was terminated.  Swingle had worked for J.W. Cole Financial, Inc, since 2007.

The suspension is in effect from May 7, 2018, through November 6, 2019.

If you feel you have been misled or taken advantage by Michael T. Swingle or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), for a free consultation.

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