The Securities and Exchange Commission (the “SEC”) recently sustained FINRA’s decision against Robert D. Tucker, a registered representative of a member firm, suspending him from the industry in all capacities for two years. Following his suspension, Tucker must re-qualify as a corporate securities limited representative. Tucker was also statutorily disqualified from future association with FINRA member firms.
The SEC affirmed FINRA’s conclusion that during the course of seven years Mr. Tucker violated FINRA rules when he failed to disclose, on the Forms U4 he completed for eleven different employers, three adverse judgments, two bankruptcies, a federal tax lien, and a state tax lien.
Form U4 is used by all self-regulatory organizations (including FINRA), state regulators, and broker-dealers to determine and monitor the fitness of securities professionals who seek initial or continued registration with a member firm. The public can also access the information reported in the form, via FINRA’s BrokerCheck, which can be used when deciding to whom to entrust investor monies. The form is critical to the effectiveness of the screening process used to determine who may enter (and remain in) the industry.
According to his Form U4, Mr. Tucker has also been the subject of at least eight customer complaints and has been terminated by at least one of his employers. The Form U4 also indicates that Mr. Tucker has worked at the following FINRA registered broker-dealers over the last 10 years: Union Financial Corp., Bishop, Rosen & Co., Inc., Brill Securities, Inc., PHD Capital, Prestige Financial Center, Inc., Meyer Associates, Inc., Vfinance Investments, Inc., Pointe Capital, LLC and Gunnallen Financial, Inc.
In light of Mr. Tucker’s failure to report his adverse judgments, bankruptcies, and tax liens, and given the number of customer complaints filed against him, it appears that he should have been an advisor under heightened supervision at these firms. Moreover, to the extent that a customer of Mr. Tucker suffered investment losses, these firms may have liability for failure to adequately supervise Mr. Tucker.
If you are concerned about Mr. Tucker’s handling of your investments, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.
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.