The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about Hazard & Siegel Broker David M. Mullen to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Mullen has been registered in the securities industry since 1984. Over the years, he has been registered with 6 brokerage firms: G. R. Phelps and Company Inc., Cadaret Grant and Company Inc., Cygnet Securities Inc., Leigh Baldwin & Company LLC, Newman Ladd Capital Inc. and, most recently, Hazard & Siegel Inc. During that period, the FINRA BrokerCheck report indicates that Mr. Mullen has been the subject of one Regulatory Event and four Customer Disputes.
The Regulatory Events include a FINRA enforcement action against him for failure to supervise the registered representatives in connection with their offer and sale of variable annuities. According to FINRA, there were numerous red flags regarding possible misconduct that were not fully investigated by Mr. Mullen. Mr. Mullen was suspended and fined in settlement of the enforcement action.
There were 3 customer disputes with allegations of failure to supervise that have supposedly settled for amounts ranging from $5,000 to $20,000. One customer dispute was dismissed. We believe that employers may have not accurately or completely reported all of the Customer Disputes involving Mr. Mullen and request that all investors with complaints against Mr. Mullen contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 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.