FINRA recently announced that Stephen Alan Hackett, a former registered representative with PFS Investments Inc., has been barred from association with any FINRA member firm in any capacity. The sanction was based on findings that Hackett borrowed $9,000 from a customer in contravention of PFS Investments Inc.’s written procedures forbidding registered representatives from borrowing funds from customers, except in certain limited circumstances, which did not apply to the loan from this customer. The findings further stated that Hackett failed to repay the loan and the customer was forced to file a civil action in the county court to enforce the terms of the loan agreement. Finally, the findings also stated that Hackett failed to respond to FINRA requests for information, documents and to appear for on-the-record testimony.
PFS Investments Inc. (Hackett’s employer from 2002 until the time he was barred from the industry) is a FINRA registered broker-dealer based in Duluth, Georgia. PFS Investments’ FINRA Broker Report (CRD) indicates that it has been the subject of 14 regulatory inquiries and at least two customer arbitrations.
If you have questions about investments you made with Stephen Alan Hackett, 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.