Lance B. Topol barred from securities industry.

Tuesday, September 16th, 2014

In a recent disciplinary action announcement, FINRA announced that Lance B. Topol (CRD #5731836, Glen Cove, New York) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Topol consented to the sanction and to the entry of findings that he created and distributed falsified letters of credit (LOCs), falsified Comfort Letters and a falsified term sheet on behalf of his member firm and/or an affiliate of the firm, without the knowledge or authorization of those firms. The findings stated that in Topol’s capacity as a registered representative of the firm, he did not have the authority on behalf of the firm or the affiliate to issue LOCs or make other promises of financing. Despite making several inquiries to responsible officials of the affiliate seeking financing on a company’s behalf, Topol never received authorization from the affiliate or his firm to issue LOCs or other documents promising financing to the company, and he was not an authorized signatory of LOCs issued by the affiliate. Topol was advised on numerous occasions by affiliate officials that it was unwilling to issue LOCs or extend other financing to the company. The total amount of the financing that was promised in the falsified LOCs exceeded $65 million. Topol distributed all or most of the fictitious documents to contractual counterparties or proposed counterparties of the company, and he made false representations to representatives of the company. The company filed a civil action against the affiliate and the firm in connection with its alleged reliance on the fictitious LOCs and other documents that it received from Topol. The findings also stated that Topol made false representations to representatives of another company that his firm was willing to issue it a line of credit. The firm had never indicated that it was willing to do so.

For the full FINRA findings, see case #2013036989001.

According to his FINRA Broker Report, Topol was employed by Cabot Lodge Securities and Merrill Lynch prior to the FINRA enforcement action.

The foregoing information, which is all provided on FINRA’s website, is being provided by The White Law Group.  The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For a free consultation with a securities attorney, please call the firm at 312/238-9650.  For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.

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Jay John Soojian barred from securities industry.

Tuesday, September 16th, 2014

In a recent disciplinary action announcement, FINRA announced that Jay John Soojian (CRD #2768599, Wayne, New Jersey) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Soojian consented to the sanction and to the entry of findings that he fraudulently omitted material facts in connection with his sales of $775,000 of an entity’s limited partnership interest securities to investors. The findings stated that among other things, while soliciting investors and referring them to the entity to invest in the limited partnership interests, Soojian failed to disclose material facts to those investors concerning the civil disciplinary and criminal history of one of the entity’s principals. Soojian also failed to disclose material facts regarding his compensation for those referrals. As a result of his conduct, Soojian willfully violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and FINRA Rules 2010 and 2020. The findings also stated that Soojian participated in private securities transactions for compensation without giving prior written notice to, or receiving prior written approval from, his member firm.

For the full FINRA findings, see FINRA case #2012034353601.

According to his FINRA Broker Report, Soojian was employed by Park Avenue Securities from September 2011 through October 2012 and New England Securities from 2000 through August 2011.

The foregoing information, which is all provided on FINRA’s website, is being provided by The White Law Group.  The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For a free consultation with a securities attorney, please call the firm at 312/238-9650.  For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.

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Dennis Keith Karasik barred from securities industry.

Tuesday, September 16th, 2014

In a recent disciplinary action announcement, FINRA announced that Dennis Keith Karasik (CRD #1227463, Reisterstown, Maryland) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Karasik consented to the sanction and to the entry of findings that he participated in private securities transactions without providing prior written notice to his member firms. The findings stated that Karasik participated in the offer and sale of bonds issued by a domestic energy company and received finder’s fees from the company as a result of these sales. Karasik falsely certified to one firm that he had not engaged in any private securities transactions without first receiving prior written approval. Karasik also failed to provide accurate information to a firm on an Outside Business Activity Disclosure Form regarding an independent financial services business where he served as a partner. The findings also stated that Karasik provided false information to a firm in response to inquiries about a lawsuit filed against him by a customer who had purchased bonds. The firm included the false information on Karasik’s amended Form U4. Karasik provided false information to FINRA in response to a request in which he asserted that he did not recommend the purchase of bonds and did not receive any compensation for the sales of bonds. Karasik also provided false testimony to FINRA about his role in the sales of the bonds and his receipt of compensation from the company.

For the full FINRA findings, see FINRA case #2012034750401.

According to his FINRA Broker Report, Karasik was employed by Multi-Financial Securities from June 2006 through December 2011 and H. Beck from January 2012 through February 2013.  His broker report also indicates that he has been the broker of record on 6 customer complaints.  These customer complaints appear to each be involving a corporate debt investment in Diversified Energy Group.

The foregoing information, which is all provided on FINRA’s website, is being provided by The White Law Group.  The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For a free consultation with a securities attorney, please call the firm at 312/238-9650.  For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.

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Douglas Eric Hampton barred from securities industry.

Tuesday, September 16th, 2014

In a recent disciplinary action announcement, FINRA announced that Douglas Eric Hampton (CRD #2797816, Uniontown, Ohio) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Hampton consented to the sanction and to the entry of findings that he paid a total of $523,622, via wire transfer or personal check, to the Chief Financial Officer and Deputy Treasurer (CFO/DT) in the Office of the Treasurer of the State of Ohio, and to two other conspirators or entities they controlled, in exchange for state brokerage business that the CFO/DT directed to Hampton.

The findings stated that Hampton submitted a Request for Information for Broker/Dealer Services to the Office of the Treasurer, where a selection committee headed by the CFO/DT reviewed and approved it. Thereafter, Hampton conducted his first trade as an authorized broker on behalf of the State. In exchange for additional securities business, Hampton agreed to pay the CFO/DT and the two conspirators from commission proceeds that he received from trading securities for the State of Ohio. Hampton received over $3.2 million in commissions from executing 360 securities trades on behalf of accounts belonging to the Office of the Treasurer. Hampton’s conduct resulted in a willful violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Hampton pled guilty to felony conspiracy to defraud the United States.

For the full FINRA findings, see FINRA case #2013038259901.

According to his FINRA Broker Report, Hampton was employed by First Allied Securities from December 2008 through July 2013.

The foregoing information, which is all provided on FINRA’s website, is being provided by The White Law Group.  The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For a free consultation with a securities attorney, please call the firm at 312/238-9650.  For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.

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Henry Xavier Carrillo barred from securities industry.

Tuesday, September 16th, 2014

In a recent disciplinary action announcement, FINRA announced that Henry Xavier Carrillo (CRD #2871341, Woodridge, Illinois) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Carrillo consented to the sanction and to the entry of findings that he failed to cooperate with a FINRA investigation by failing to appear for testimony and failing to fully respond to requests seeking information and documents. The findings stated that Carrillo advised FINRA that he did not intend to cooperate further. Carrillo’s member firm began an internal investigation of Carrillo after receiving an anonymous tip relating to him and his wife receiving payments directly from certain of his brokerage customers. Carrillo resigned from the firm before the firm was able to conclude its investigation. In Carrillo’s Form U5, the firm disclosed its review of these payments. FINRA commenced an investigation thereafter.

For the full FINRA findings, see FINRA case #2013038329901.

According to his FINRA Broker Report, Carillo was employed by Cambridge Investment Research from August 2013 through December 2013 and LPL Financial from January 2007 through September 2013.

The foregoing information, which is all provided on FINRA’s website, is being provided by The White Law Group.  The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For a free consultation with a securities attorney, please call the firm at 312/238-9650.  For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.

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