Arizona Securities Arbitration Attorney Who Sues Stockbrokers for Selling Away (Selling Unauthorized Investments)
Arizona has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to recommend investments that were never reviewed nor authorized by their employers and engage in many other types of misconduct which violates Federal and Arizona securities laws, Financial Industry Regulatory Authority (FINRA) rules as well as stock brokerage firms policies and procedures.
For example, Kevin Robert Loud of Phoenix Arizona, submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he received a fine and suspension for failing to disclose an outside business and an outstanding tax lien.
Kevin Loud joined Silber Bennett Financial Inc. as a General Securities Representative and as an Investment Banking Representative in July 2012. According to FINRA’s findings, between December 2014 through March 2015, Mr. Loud worked for and was an officer of a development-stage company named DC. FINRA found that during this period, Kevin Loud allegedly solicited individuals who were not Silber Bennett customers, to invest in the company. In addition, Mr. Loud circulated an offering memorandum for DC that identified him as the company's Chief Financial Officer and directed all payments and subscriptions be made to him. FINRA found that although his solicitations resulted in no direct investments, he did assist in getting stock certificates for several investors but failed to state his participation in an outside company on his own firm’s compliance questionnaire.
Without admitting or denying FINRA’s allegations, Mr. Loud agreed to the sanctions and was suspended from associating with any FINRA member in all capacities for four months. The suspension was effective November 19, 2018 through March 18, 2019.Experienced Securities Lawyers Who Represent Investors Sold Unauthorized Investments (Selling Away) In FINRA Arbitrations Throughout Arizona and Nationwide
Did your Arizona stockbroker or investment advisor recommend an investment that turned out to be an investment never reviewed or approved by their stockbrokerage firm employer. The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed or saw and just ignored.
You also need a lawyer knowledgeable of FINRA rules and procedures to handle these FINRA arbitration Selling Away cases involving complex legal issues. By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce aggressively represents investors and is one of the best attorneys to help you recover your unauthorized investment losses from stockbrokers, investment advisors and their employers in FINRA arbitration proceedings!
At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in not just Selling Away cases but all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as stockbroker fraud and securities misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout Arizona, and across the United States on a CONTINGENCY FEE basis which means you pay nothing - NO FEES-NO COSTS - unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
The Law Offices of Robert Wayne Pearce, P.A. are highly experienced attorneys who successfully handle Selling Away and other securities investment cases in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by a lawyer with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving Arizona citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.