FINRA recently announced that Lance Nathaniel Scida (a registered representative in Wichita, Kansas) and Dennis Dale Bailey (a registered representative in Highlands Ranch, Colorado) submitted an Offer of Settlement in which they were suspended from association with any FINRA member in any capacity for two years. Without admitting or denying the allegations, Scida and Bailey consented to the described sanctions and to the entry of findings that they made unsuitable recommendations to customers to open accounts with their member firm for purposes of buying and selling CMO securities. The findings further stated that Scida and Bailey did not have reasonable grounds to believe that their recommendations were suitable for their customers in light of their investment objectives, risk tolerance and investment experience. The findings also stated that, in connection with the sale of CMOs, Scida and Bailey made material misrepresentations and omitted material facts, including representing that investing in CMOs would reap substantial returns with virtually no risk. Finally, the findings also included that Scida and Bailey exercised discretion in customer’s non-discretionary accounts without written authorization signed by any of their clients and a firm principal.
According to his FINRA Broker Report (CRD), Lance Nathaniel Scida has worked as a registered representative with Northwestern Mutual Investment Services, LLC, VFinance Investments, Inc., and Chicago Investment Group, LLC. It appears that Dennis Bailey has worked at VFinance Investments, Inc., Chicago Investment Group, LLC, and Samco Financial Services, Inc.
If you have questions about investments you made with Dennis Bailey or Lance Scida, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney please call our Chicago office at 312-238-9650.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.