Wunderlich Securities, headquartered in Memphis, TN, and broker Stephen Joseph Bonnema of Collierville, TN, recently submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority (FINRA). The firm was censured and fined $108,343 and required to disgorge commissions. Bonnema was fined $5,000 and suspended for 10 days.
In the settlement, Wunderlich and Bonnema consented to the entry of findings that they sold, on behalf of customers, 271 million unregistered shares of a thinly traded company without first determining if there was an exemption from registration. The findings also stated that the firm failed to establish and maintain and enforce supervisory procedures related to the sale of unregistered securities and anti money laundering activity.
Rex Securities Law provides nationwide representation to investors 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.
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