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.
Janet Louise Frakes (CRD #3120413, Registered Representative, Independence, Kentucky) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Frakes consented to the described sanction and to the entry of findings that she misappropriated more than $100,000 from an elderly customer’s account and $16,000 from another elderly customer’s account at a bank. The findings stated thatFrakes perpetrated the misappropriation of the customers’ money partially by means of submitting bogus withdrawal slips. Frakes signed a customer’s withdrawal slips as POA orPOA on file; however, the bank had no record of a POA on file for the account. The findings also stated that FINRA sent Frakes a request for, among other things, a signed statementresponding to the misappropriation allegations. Frakes’ attorney sent a letter to FINRA refusing to provide a written statement. (FINRA Case #2012033857101)
According to FINRA records, Frakes is not currently registered. She was previously registered with the following firms:
Fifth Third Securities, Inc.
The Huntington Investment Company
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