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FINRA Announces November 2012 Disciplinary Actions

The Financial Industry Regulatory Authority (FINRA) issues a report on disciplinary and other actions involving registered brokers, investment advisers and brokerage firms every month.

Here are significant Florida related actions for November 2012. Follow this link to the FINRA website for the entire report for actions nationwide for the month of November 2012 as well as to access earlier time periods.

Raymond James & Associates (St. Petersburg, Florida)-censured and fined $250,000 for failure to safeguard against the unauthorized disclosure or personally identifiable information about firm customers after a customer complained that her firm account number and other personal information was available on the internet.

Charles Eugene Bishop, Jr.-Pompano Beach, Florida- was fined $7,500 and suspended from association with any FINRA member in any capacity for two years. Bishop consented to the described sanctions and to the entry of
findings that he attempted to misappropriate approximately $3 million from an elderly customer of his member firm. Bishop created paperwork by which the deceased customer's assets would be transferred to a purported entity that was never formed, but whose name was virtually identical to a company the customer owned, with a tax identification number assigned by the Internal Revenue Service (NYSE:IRS) to another entity that was never formed, but whose sole member, according to IRS records, was Bishop.

After the customer passed away, Bishop, through his attorney, filed a notice with a Probate Division with his state's Circuit Court representing that he had an interest in the customer's estate as a claimant and beneficiary of the deceased customer's estate.

The suspension will be in effect from December 3, 2012, through December 2, 2014. According to FINRA records, Bishop is not currently registered. His last industry position was with Merrill Lynch. Prior to that he worked for Morgan Stanley.

Robert Joseph Eanell-St. Petersburg, Florida-was fined $7,500 and suspended from association with any FINRA member in any capacity for 30 business days. Eanell consented to the described sanctions and to the entry of findings that he misrepresented his educational background to prospective securities customers, including on his business cards. The findings stated that on annual forms, Eanell's member firm asked him to identify all of the degrees, titles and designations that he used on letterhead, business cards or in communications with clients. Nevertheless, Eanell failed to disclose the fact that he held himself out as the holder of a doctoral degree.

The suspension was in effect from October 1, 2012, through November 9, 2012. According to FINRA records Eanell is no longer registered. He last worked for Sterling Enterprises Group. Prior to that he was with GunnAllen and AXA Advisors.

Evan Coley Eggers-Jacksonville, Florida-was fined $5,000 and suspended from association with any FINRA member in any capacity for six months. Eggers consented to the described sanctions and to the entry of findings that he made premium payments for his customers' life insurance policies, using his personal funds to make the payments. The findings stated that each payment was submitted to his member firm via a money order, a practice forbidden by company policy. On each money order, Eggers falsified the customer's signature. On a couple of occasions, Eggers falsified the customer's signature to reduce the value of a life insurance policy. The findings also stated that all insurance policies at issue were less than one year old. By continuing payment of the premiums, all policies remained active through a period of 13 months, thus qualifying Eggers for potential remuneration.

The suspension is in effect from October 1, 2012, through March 31, 2013.

FINRA records indicate that Eggers is no longer registered. He last worked for Northwestern Mutual Investment Services.

Ellen Joyce Erenstein - Boynton Beach, Florida- was barred from association with any FINRA member in any capacity. Erenstein consented to the described sanction and to the entry of findings that she failed to respond to FINRA requests to provide testimony concerning customer complaints prior securities customers and their heirs had filed against her.

FINRA records indicate that Erenstein is no longer registered having last worked for Workman Securities.

Brennan R. Lollar -St. Petersburg, Florida-was
barred from association with any FINRA member in any capacity. The sanction was based on findings that Lollar misappropriated funds from a bank where he worked as a branch manager. The findings stated that without the bank's permission or authority, Lollar transferred funds into customers' accounts and labeled the transfers as refunds of bank fees. No bank fees had ever been assessed to the customers, and Lollar knew the customers were not entitled to any refunds. Through a series of several small transactions, Lollar misappropriated a total of $3,242.90 into customers' accounts. The findings also stated that Lollar admitted to the bank that he issued the false refunds and claimed that he did
so to assist, or to curry favor with, certain customers. The bank obtained reimbursement through the liquidation of Lollar's retirement fund. The findings also included that other
than Lollar providing FINRA with a photocopy of a written statement previously provided to the bank admitting to certain aspects of his misconduct, he did not respond to FINRA requests for information and failed to appear for a FINRA on-the-record interview.

Brennan last worked for SunTrust Investment Services and is no longer registered per FINRA records.

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.