RRBDLaw: New FINRA Cases Analyzed

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RRBDLaw.com: New FINRA Disciplinary Cases Analyzed by Bill Singer
Written: July 29, 2009

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Veteran regulatory lawyer Bill Singer's analysis of recent FINRA cases is now online at http://RRBDLAW.com.  Make sure to click on the links to read Bill's commentary about these matters and more.

Curtis Morgan Allen 
Sarah Rebecca Boardman  
Dustin Andrew Boeckel
Robert Michael Bonner
Leonard Duane Sellers
 
Allen borrowed $24,815.72 from public customers but failed to repay the loans. Also, he completed and signed site inspection and compliance interview forms for his firm and misrepresented facts on the forms regarding the loans by stating that he had never borrowed money from a client.
ALLEN: No monetary sanction was imposed because Allen was granted a discharge in bankruptcy after the events in question; Suspended 6 months in all capacities.

Boardman borrowed $25,000 from the customer and failed to repay the loan. She signed questionnaires certifying that she was in compliance with the firm’s compliance manual. Boardman failed to respond to FINRA requests for information.
BOARDMAN: Barred; Ordered to pay $25,000 plus interest in restitution to customer

Boeckel borrowed $5,000 from a relative, who was also a customer of the firm, and signed the relative’s name on numerous checks without authority.
BOECKEL: Fined $5,000; Suspended 1 year

Bonner engaged in unapproved outside business activities and private securities transactions. Also, he borrowed $900,000 from firm customers when firm procedures prohibited such borrowing. 
BONNER:: Barred

Sellers borrowed $92,200 from a customer who surrendered a variable annuity to fund the loan, resulting in a $7,000 surrender charge.  
SELLERS: Fined $5,000; Suspended 6 months
 

Adam Phillip Gerber

Gerber found a registered representative’s bank account checkbook, took checks from the checkbook, made the checks payable to himself, forged the registered representative’s signature on the checks, cashed the checks and converted the proceeds of $7,360 for his own use and benefit. Gerber failed to respond to FINRA requests for information.
BARRED

Kathleen Ann Glaser

Glaser set up an account on a non-firm Web site that was an online bill paying payment service without a customer’s authorization, and used this online service to direct unauthorized payments totaling $8,679.27 from the customer’s securities account to Glaser’s creditors to pay for personal expenses.
BARRED

Richard Wayne Hill

Hill issued checks totaling $479,450 from customer accounts to corporate payees representing that he was purchasing race horses for the customers; but, instead, converted $350,000 to his own use. Also, he settled a customer complaint for $12,000 and failed to inform his member firm about the complaint. 
BARRED
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