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 Samco Capital Markets broker Roger J. Engemoen Jr.to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Engemoen has been registered in the securities industry since 1986. Over the years, he has been registered with 4 brokerage firms: Pinnacle Securities Inc., Service Asset Management Co., Penson Financial Services Inc., and most recently Samco Capital Markets Inc. During that period, the FINRA BrokerCheck Report indicates that Mr. Engemoen has been the subject of one Regulatory Event and 24 Customer Disputes, 3 of which were pending as of August 24, 2016.
The Regulatory Events include one NASD enforcement action which was settled for a fine of $5,000 without admitting or denying the allegations that Mr. Engemoen failed to maintain the required minimum net capital of the Company he controlled known as Service Asset Management Company.
There are 21 customer disputes with allegations of fraud, breach of fiduciary duty, violation of FINRA rules, and failure to supervise registered representatives at Samco Capital Markets and/or Penson Worldwide who offered and sold collateralized mortgage obligations that have supposedly settled for amounts ranging from $6,000 to $5.7 million. There were 3 pending lawsuits reportedly filed involving Mr. Engemoen as a director of Penson Worldwide. We believe that Mr. Engemoen's employers may have not accurately or completely reported all of the Customer Disputes involving him and request that all investors with complaints against Mr. Engemoen 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.