The Financial Industry Regulatory Authority (FINRA) issues a report on disciplinary and other actions involving registered brokers, investment advisers and brokerage firms every month. Follow this link to the FINRA website for the entire report for the month of April 2012 as well as earlier time periods.
Here are the Florida related actions for April 2012.
William Edward Herlihy (CRD #4005879, Registered Principal, Deltona, Florida) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $50,000 and suspended from association with any FINRA member in any capacity for six months. Herlihy consented to the entry of findings that he effected the sales of stock that was not registered with the SEC, and no exemption from registration applied. The findings stated that the transactions generated proceeds of approximately $386,000 for the customers.
James Calvin Wylie Jr. (CRD #834405, Registered Representative, Ponte Vedra Beach, Florida) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for one month. Without admitting or denying the findings, Wylie consented to the described sanctions and to the entry of findings that he engaged in unapproved outside business activities when he provided consulting and analytical services on potential business transactions, outside the scope of his relationship with his member firm and without providing prompt written notice to his firm. The findings stated that Wylie inaccurately
certified on an annual outside business activities questionnaire that he was not involved in any outside business activities.
Glenn Loren Halpryn (CRD #1633028, Registered Principal, Aventura, Florida) submitted a Letter of Acceptance, Waiver and Consent in which he was censured and fined $10,000. Without admitting or denying the findings, Halpryn consented to the described sanctions and to the entry of findings that he caused funds raised from a private placement offering to be used for due diligence on an unrelated prospective business venture. Although Halpryn later repaid the funds to the company, he caused them to be used in a manner inconsistent with the terms of the offering.
Clyde Marshall Thornburg (CRD #1065161, Registered Principal, Palmetto, Florida) was named as a respondent in a FINRA complaint alleging that he engaged in a pattern of
recommending and executing, short-term trading and switching of Unit Investment Trusts (UITs), corporate debt, and mutual funds in customer accounts without having
reasonable grounds for believing that such recommendations were suitable in view of the size and frequency of the recommended transactions, and in light of each customer's
investment objectives, circumstances, financial situations and needs. Thornburg's clients had losses of $983,000 while he earned commissions of over $300,000, while misleading clients into believing they were not paying any charges. He also exercised discretion in accounts where the customer had not granted such authority to trade. In addition, he supplied false information about customer's income, liquid net worth, risk tolerance and investment objectives forged client names on documents.
If you had accounts with any of the brokers recently disciplined, you may be able to recover some of all of those losses. Call us at 561 391 1900 about any questions you have regarding the way your brokerage account is being handled. Nationwide representation. Free initial consultation.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.