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FINRA DISCIPLINARY ACTIONS FOR JANUARY 2012 (FLA ONLY)

Posted by: Robert Rex
January 19, 2012
Topic: FINRA DISCIPLINARY ACTIONS

Victor Azevado, Miami, Florida submitted a Letter of Acceptance, Waiver and Consent and was fined $2,500 and suspended from association with any FINRA member for five days and to the entry of findings that he knowingly made untrue statements while employed by his member firm's bank affiliate.

Ricardo Blanco, Key Biscayne, Florida submitted a Letter of Acceptance, Waiver and Consent and was barred from association with any FINRA member in any capacity and to the entry of findings that he sent documents that contained false and inflated account values to a customer and also sent a false account statement.

Richard Paul Counts, Belleair, FLorida submitted a Letter of Acceptance Waiver and Consent and was barred from association with any FINRA member in any capacity and to the entry of findings that he misappropriated about $18,000 from a customer checking account and about $73,500 from the same customer's home equity line of credit.

Jason C Dayton aka Jason Krupar, Oviedo, FLorida submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member for 20 days and to the entry of findings that he failed to properly review and supervise a joint brokerage account application shared by a fellow broker and a firm customer.

Bradley J Delp, Deerfield Beach, FL submitted a Letter of Acceptance Waiver and Consent in which he was fined $25,000 and suspended from association with any FINRA member for two months and to the entry of findings that he faile to provide prompt written notice to his firm that he was engaged in an outside business activity involving insurance products.

Marcela Zamora Erana, Key Biscayne, FL submitted a Letter of Acceptance Waiver and Consent in which she was fined $5,000 and suspended from association with any FINRA member for a month and to the entry of findings that she instructed another registered rep not to cover short positions at agreed upon prices contrary to the account holder's wishes.

 Dennis Flanagan, Jr., Miami, FL submitted a Letter of Acceptance Waiver and Consent in which he was fined $25,000 and suspended from association with any FINRA member for two years and to the entry of findings that he willfully failed to timely disclose material information on his U4.

Roy F. Glassberg, Boca Raton, FL submitted a Letter of Acceptance Waiver and Consent in which he was fined $2,500 and suspended from association with any FINRA member for 20 days and to the entry of findings that he failed to notify his member firm that he worked for certain businesses and that he failed to disclose his directorship with an affiliate corporation.

 Dennis S. Kaminski, Wellington, FL was fined $50,000, suspended from association with any FINRA member for 18 months, required to requalify and found that he failed to supervise the timely review of his member firms variable annuity trades and failed to heed numerous warnings of staff deficiencies in the compliance department.

Michael A Lichtenstein, Boca Raton, FL submitted a Letter of Acceptance Waiver and Consent in which he was fined $50,000 and suspended from association with any FINRA member for 24 months and to the entry of findings that he solicited firm customers to invest in a private placement offering and distributed inaccurate offering materials.

Jan D. Narrine, Winter Garden, FL submitted a Letter of Acceptance Waiver and Consent in which he was barred from association with any FINRA member and to the entry of findings that he misappropriated over $57,000 from a customer account by forging documents.

Peter Martin Peterson, Tampa, FL was barred from association with any FINRA member  for failure to respond to FINRA requests for documents.

Joseph J Sciarra, Jr. , Wellington, FL was barred from association with any FINRA member and ordered to pay restitution in the amount of $393,000 to a customer's estate. Sanctions were based on findings that Sciarra converted a customers funds to his own use.

John F. Sullivan, West Palm Beach, FL submitted a Letter of Acceptance Waiver and COnsent in which he was fined $2,500 and suspended from association with any FINRA member for 15 days adn to the entry of findings that he commingled $425 of customer funds with his own.

Tyge T Tuccillo, Venice, FL submitted a Letter of Acceptance Waiver and Consent in which he was barred from association with any FINRA member and to the entry of findings that he would not agree to appear for on the record testimony before FINRA related to a private placement offering sales practice.

Andrew J Aragona, Deerfield Beach, FL was named in a FINRA complaint alleging that he recommended variable annuity switches to an elderly customer. The new annuity was purchased for $1.1 million and switching from the old annuity incurred surrender charges of $69,000 for which Aragona received $67,500 in commissions. The customer incurred over $130,000 in surrender fees in less than one year.

Brookstone Securities, Lakeland FL was named  as a respondent in a FINRA complaint alleging that the firm, through its brokers, recommended and sold two private placements without understanding the inherent risks of the offerings; ie, the firm failed to perform adequate due diligence. The firm sold $815,000 worth to their customers and collected commissions of nearly $73,000.

Carlos F Otalvaro aka Francisco H Otalvaro, Coral Gables, FL was named in a FINRA complaint alleging that he wrongfully withheld customer funds.

Individuals Barred for Failure to Provide or Keep Current Information per FINRA Rule 9552(h)

Wilfredo Colon, Miami FL

Paul A LaRocco, Ocala, FL

Sherise C Lee, Tallahassee, FL

Juan R Marte, Orlando, FL

Antonio Seminario aka Jorge Antonio, Plantation FL

Van Gregory Zovluck, Plantation, FL

Individuals Suspended for Failure to Comply iwth FINRA Rule 9552(d)

Todd N Farmer, Deltona, FL

Michael F Louis, Boca Raton, FL

James B Herrick, Venice, FL

Timothy B Ruggiero, Plantation, FL

For a complete listing of the FINRA enforcement actions, visit their website at

http://www.finra.org/web/groups/industry/@ip/@enf/@da/documents/disciplinaryactions/p125399.pdf

If you have questions about the way your brokerage account has been handled, please give us a call at 561 391 1900 or visit our website at http://www.dmrslaw.com/ . We have been assisting investors recover investment losses in South Florida, across the nation and across the world for over 20 years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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