The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.
All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.
See the FINRA website for current and historical disciplinary actions.
Milton Joseph Beile III (CRD #4265262, Registered Representative, Chesterfield, Missouri-currently registered with Oakbridge Financial Services, until 05/2013 registered with Merrill Lynch) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 30 business days.
FINRA considered Beile’s efforts to obtain reimbursement on the customer’s behalf in determining the sanctions. Without admitting or denying the findings, Beile consented to the described sanctions and to the entry of findings that he participated in a private
securities transaction through the sale of a $100,000 promissory note to a customer of his member firm. The findings stated that the investment opportunity was not offered through Beile’s firm. Beile met with the customer and obtained a $100,000 check written against her firm account for the purchase of the promissory note issued by a real estate development entity. Beile forwarded the customer’s check directly to the entity and also negotiated additional terms to the promissory note that the customer had
The findings also stated that Beile failed to give written
notice of his intention to participate in the private securities
transaction to his firm, and failed to receive the firm’s written
approval, prior to engaging in the transaction. Thereafter, the customer decided that she wanted to obtain a reimbursement of her $100,000 investment. Beile’s efforts to obtain reimbursement on the customer’s behalf resulted in the customer being paid $120,000 by the entity.
The suspension is in effect from July 15, 2013, through August 23, 2013. (FINRA Case #2011028156401)
If you have questions about investment losses or the way your brokerage account has been handled, please contact us to discuss your legal rights.
Rex Securities Law , located in Boca Raton, FL, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
561 391 1900