My Accomplishments at FINRA

I detailed my accomplishments in a longer blog post about my experiences at Merrill Lynch and FINRA, but I also wanted to create a separate post for easier reference for prospects, clients, and readers.

Listing of My Cases

I am including links to the 14 formal cases that I investigated that resulted in $35,072,500 in fines, six individuals suspended from the industry, two individuals barred from the industry, one firm withdrawing from the industry, and one firm expelled from the industry1. Each link* sends you to the public document that details the violations and facts of each case.

 

This list does not include at least eight other cases I was lead investigator or manager on that are still in progress as either formal cases, cases in settlement negotiations, or cases going to a hearing. I strongly believe that each of these nine cases will result in six to seven figure fines, and that a number of these cases will result in individual suspensions and bars and at least one to two firms being barred from the industry for fraud2.

 

* Because you have not accepted FINRA's Terms of Use, the first time you click on a link, you are sent to FINRA's Disciplinary Actions Online database. Input a "Case Number" from below and accept FINRA's Terms of Use and you will be sent to a page with the document. Now that the Terms are accepted, you can click on the links below to directly load the document detailing the case and violations.

  1. Brown Brothers Harriman & Co. - $8,000,000 fine and one individual was suspended for six months and personally fined $25,000 (Case Number 2013035821401).
  2. BMA Securities - $325,000 fine and one individual, Burt Martin Arnold, was suspended for one month and personally fined $20,000 (Case Number 2010023220502).
  3. Capital Guardian, LLC - $125,000 fine and one individual was suspended for three months and personally fined $5,000 (Case Number 2013035775302).
  4. Convergex Execution Solutions LLC - $3,000,000 fine (Case Number 2014040667001).
  5. Credit Suisse Securities LLC - $16,500,000 fine (Case Number 2013038726101).
  6. First Allied Securities - One individual suspended and personally fined $7,500 (Case Number 2013035076201).
  7. Geoffrey Richards Securities Corp. - $40,000 fine (Case Number 2012030485701).
  8. Glendale Securities - Complaint alleging fraud and market manipulation, unlawful resale of securities, anti-money laundering violations, and supervisory deficiencies. Sanctions pending a settlement or hearing (Case Number 2016049565901).
  9. Merriman Capital, Inc. - Expelled from the industry.
  10. Scottsdale Capital Advisors Corporation - $1,500,000 fine, one individual barred in all capacities, and two individuals each suspended for two years and each personally fined $50,000 (Case Number 2014041724601 - OHO Decision and NAC decision from appeal which holds all findings).
  11. Tradestation Securities, Inc. - $200,000 fine (Case Number 2010023934201).
  12. UBS Financial Services and UBS Securities - $5,000,000 fine (Case Number 2012034427001).
  13. Underhill Securities and Frank Underhill - The firm withdrew its registration in the financial industry and Frank Underhill was barred in all capacities.
  14. VectorGlobal WMG, Inc. - $125,000 fine (Case Number 2011029215701).

Time Well Spent

Overall, my seven years at FINRA were an incredible experience where I was constantly challenged to produce results and rid the industry of bad actors and firms, and I can only thank my bosses and teammates for teaching me and leading me throughout this entire journey.

 

I worked to protect the financial markets for seven years, and I hope that my results and unblemished record give my potential clients reason to trust my integrity and help remove the corrupt, unethical, and unjust people inhabiting their financial world.

 

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Footnotes

1 - The reason I highlight formal cases as opposed to all of the informal cases I worked on is that the amount of work on a formal case is notably larger than an informal case. Additionally, a formal case is significantly harder to accomplish because it involves developing a case from nothing by obtaining evidence of wrongdoing, deposing all of the individuals involved and/or responsible, and then drafting a report to our attorneys detailing the entire investigation and what rules were allegedly broken. A formal case usually take years to cross the finish line.

 

2 - When the results of these cases become public, I will update this post accordingly.