The Financial Industry Regulatory Authority (FINRA) has barred Brennan R. Lollar from association with any FINRA member for misappropriating funds while working as a branch manager for SunTrust Investment Services. FINRA's finding stated that Mr. Lollar transferred funds into customers' accounts without SunTrust's permission and labeled them as refunds of banks fees. However, bank fees were never incurred by the customers, and Mr. Lollar knew that the customers were not entitled to any refunds. Mr. Lollar misappropriated a total of $3,242.90 into customer accounts through a series of small transactions - Mr. Lollar admitted to the bank that he issued the false refunds for purposes of gaining favor with certain customers. SunTrust Investments obtained reimbursement through the liquidation of Mr. Lollar's retirement fund. In addition, Mr. Lollar did not respond to FINRA requests for information and failed to appear for an on-the-record FINRA interview.
Broker-dealers must establish and implement a reasonable supervisory system to protect clients from fraudulent practices by their investment professionals. If broker-dealers do not establish and/or implement a reasonable supervisory system, they may be liable to investors for damages. Therefore, investors who have suffered damages resulting from the misappropriation of their funds by an investment professional can bring forth claims to recover losses against their broker-dealer for failure to prevent such illegal activity.
Have you suffered damages resulting from a misappropriation of your funds? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.