The Villages Florida
UPDATE OCTOBER 2017–FINRA records disclose that Andrew “Todd” Yocum has two prior final regulatory matters resulting in his bar from the industry. There are 10 currently pending customer disputes and 23 prior customer disputes that are final.
In the bulk of the customer disputes, the customers allege an overconcentration of oil and gas related securities.
Here is a sampling of some of the 23 prior cases that have been settled:
- In 2/2017 a customer of Morgan Stanley was paid $67,500 to resolve allegations that Yocum made unsuitable recommendations in the energy sector 2014-1015.
- In 8/2017 a Morgan Stanley customer was paid $75,000 to resolve allegations that Yocum over-concentrated their portfolio with unsuitable investments. FINRA Case 17-0049.
- IN 8/2016 a customer of Morgan Stanley was paid $35,975 to resolve allegations that from March 2012-September 2015 Yocum made unsuitable recommendations.
FINRA Alleges Yocum Recommended Unsuitable Energy Investments to Seniors
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. Customers of broker dealers who have a dispute, such as a claim for account losses , are entitled to file an arbitration proceeding against the firm and/or the broker to recover damages. FINRA entered a permanent bar against Yocum in May 2016 after he refused to appear for FINRA on-the-record testimony in connection with an investigation into whether he effected unauthorized transactions, exercised discretion without written authorization, and recommended unsuitable concentrated purchases of energy sector securities to senior investors.
Florida Securities Regulators Find That Yocum Executed Unauthorized Trades
In 3/2017 the Florida Office of Financial Regulation filed an Administrative Complaint alleging violations of standards of commercial honor and principles of trade; suitability; and placing trades in client accounts without authorization. Yocum was barred from the securities industry by FINRA in May 2017.
The Florida regulators found that Yocum executed trades that were not authorized, made trade recommendations that were not suitable, and failed to execute trades by the end of the day on the date the client requested. Yocum was ordered to cease and desist and be permanently barred from submitting an application for license or registration under Florida Chapter 517.
Andrew Yocum was employed by Morgan Stanley and worked in their office located at 832 Lake Sumter Landing, The Villages, Florida, until he was discharged in October 2015 for “Allegations concerning acting on verbal discretion” according to FINRA records.
We continue to evaluate potential cases for former clients of Todd Yocum. Call to discuss your options for recovery. Cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, 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.
Florida-561 391 1900