May 2017-Southlake, TX
The FINRA records of Patrick D. Combs , a stockbroker who is currently suspended by FINRA and who was last registered with IMS Securities disclose a pending customer dispute, a final regulatory event and a termination from employment.
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. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Combs discloses case 048-283087-16 pending in Tarrant County District Court alleging unspecified damages related to a 2012 non-broker affiliated investment.
IN 3/2017 Combs was suspended by FINRA for 7 months and fined $7,500 to resolve allegations that he participated in a private securities transaction without providing written notice to Morgan Stanley. The customer invested $500,000 in a promissory note in a privately held sports drink company. FINRA findings state that Combs submitted false answers concerning the private securities transaction in annual compliance questionnaires.
Combs was employed by Morgan Stanley from 6/2009-3/2016. He was terminated by Morgan Stanley who made the following allegation on his FINRA record: “Allegations regarding employee’s conduct regarding the use of personal email to facilitate a private securities investment for a firm client.”
Combs was then employed briefly 3/2016-4/2016 by Houston-based IMS Securities.
If you have questions about an account handled by Patrick D. Combs , contact us to discuss your options.
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.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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