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.
Joseph Fon Beagnyam (CRD #1262605, Registered Representative, Dickinson, Texas- currently registered with International Assets Advisory, LLC) 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 10 business days. Without admitting or denying the findings, Beagnyam consented to the described sanctions and to the entry of findings that he executed discretionary transactions in the brokerage accounts of member firm customers without their prior written authorization and without the firm’s acceptance of the accounts as discretionary.
The findings stated that the firm did not receive complaints from these customers. The customers provided oral consent to Beagnyam to place orders to buy and sell securities in their accounts, but had not given him written authorization to exercise discretion. The findings also stated that Beagnyam did not hold his firm’s Strategic Portfolio Services (SPS) Advisor designation and was therefore not permitted by the firm to exercise discretion in customer accounts.
The findings also included that Beagnyam completed firm compliance attestations in which he acknowledged, among other things, his awareness of the firm’s policies and procedures, which included policies addressing discretionary trading.
The suspension was in effect from July 1, 2013, through July 15, 2013. (FINRA Case #2011027995301)
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 in Texas and 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