FINRA disciplinary actions taken against firms and individuals due to violations of FINRA rules, federal securities laws and MSRB rules.
Burgess was barred from association with any FINRA members for converting customer funds in the amount of $1,869. It was found that Burgess accessed a customer’s personal bank account and transferred the funds to pay for her personal credit card and college tuition. Transfers were made without the customer’s knowledge. FINRA Case #2019062603701
Stefan Anton Pastor
Pastor was barred from association with any FINRA member for providing false information to FINRA during on-the-record testimony related to a customer complaint filed by his prior Firm. Pastor’s prior Firm filed a U5 to terminate him because Pastor was alleged to have executed unauthorized trades, and then provided the customer with false trade confirmations stating that he had reversed the trades. Pastor then lied to FINRA, claiming that the customer did authorize the trades in question and denied providing false trade confirmations to the customer. FINRA Case #2018058316601
Apostolos Nicolas Pitsironis
Pitsironis was barred from association with any FINRA member for converting customer funds. It was alleged that Pitsironis converted $411,000 in customer funds after electronically transmitting funds through automated clearing house transfers from the customer’s account to Pitsironis’ personal account. The funds were converted without the customer’s knowledge. FINRA Case #2019063054201
Shirley Anne Weston
Weston was fined $7,500 and suspended for four months for borrowing $35,000 from a Firm customer. Weston failed to ask his Firm for pre-approval of the loan and did not disclose the loan on a firm questionnaire. The loan was supposed to be repaid eight years after borrowed, but, was not actually repaid until three years after the agreed upon repayment date.
Lori Rood Thompson
Thompson was fined $5,000 and suspended for two months. It was found that Thompson caused her firm to effect unauthorized transfers totaling $367,387.57. Thompson allegedly attested that she had spoken with customers to confirm the information on the disbursement request form when she had not. It was found that Thompson had received fraud emails from customers requesting checks be sent to third parties. Instead of contacting customers to ensure the request was legitimate, Thompson falsely completed client contact attestation forms, stating that she had contacted the customer when she had not. This also caused the firms to maintain inaccurate books and records. FINRA Case #2019061427301
David C. Vanech
Vanech was fined $3,000, suspended for three months and required to complete 10 hours of continuing education. It was found that Vanech requested a client service associate complete his firm element training courses on his behalf. After the client services associate completed the training on Vanech’s behalf, he admitted his misconduct to his firm. FINRA Case #2018060817701
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FINRA disciplinary actions can be very costly and harm your firm’s reputation. Please contact an ARG Analyst with any questions regarding the matters discussed, or to learn the benefits of our FINRA consulting services.