According to a recent FINRA Disciplinary Action, James Marc Unger (CRD #2492377, Shaker Heights, Ohio) submitted an AWC in which he was barred from association with any FINRA member in any capacity.
Without admitting or denying the findings, Unger consented to the sanction and to the entry of findings that he borrowed at least $219,000 from a customer without his member firms’ approval. The findings stated that over six years, Unger made false statements and attestations to his firms on annual compliance questionnaires concerning soliciting or accepting loans from a customer. The findings also stated that Unger created and used blank, pre-signed forms for the purpose of making ongoing distributions from customer accounts. The customers had requested that Unger create a blank template for them so they could conveniently receive distributions without generating new paperwork. The findings also included that Unger willfully failed to disclose or timely disclose unsatisfied tax liens on his Form U4.
For the full case information, see FINRA Case #2013036302501.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
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