On December 31, 2019, the firm Wilson-Davis & Co., Inc., and brokers Byron Bert Barkley, and James C. Snow Jr were fined $1,100,000, and had to pay disgorgement in the amount of $51,624, prejudgment interest and are required to retain an independent consultant to recommend changes to its WSPs. There were additional fines, sanctions, and suspensions.
The sanctions were based on findings that the firm was engaged in short selling which is a violation of Rule 203(b)(1) of Regulation SHO of the Securities Exchange Act of 1934 (Reg SHO). ( FINRA Disciplinary Actions March 2020).”
Barkley and Snow were allegedly involved in various violations and activities including:
- failure to establish and maintain reasonable supervisory systems,
- failure to have systems and procedures relating to the firm’s Reg SHO compliance, failure to have procedures for locating or borrowing securities for its short sales,
- failure to implement a reasonable supervisory system to supervise the representatives and principals at the firm,
- failure to reasonably supervise instant message communications of the firm’s representatives,
- failure to establish and implement reasonable AML policies and procedures to detect, investigate and report, where appropriate, suspicious trading activity by filing a SAR. (FINRA Disciplinary Actions March 2020)
These violations, amongst others, led to disciplinary action, fines, and suspensions.
If you lost money with Wilson-Davis & Co., Inc., and brokers Byron Bert Barkley, and James C. Snow Jr. or any broker or brokerage firm, call us immediately to discuss your situation. We are here to attempt to recover your investment losses. NO RECOVERY, NO FEE! Costs are additional.
The Blum Law Group, a National Securities Arbitration and Litigation Law Firm, has recovered well over $100 Million for investors nationwide. Our attorneys have represented thousands of investors for approximately 25 years!