Clinton Byrd Investigation
June 2023-Tallahassee, FL
According to publicly available records Clinton Byrd, a broker previous employed by Cantella & Co., discloses a regulatory suspension, settlement of a customer dispute 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.
In 1/2023, without admitting or denying the findings, Byrd consented to the sanctions and to the entry of findings that he participated in private securities transactions without providing prior written notice to his member firm. The findings stated that Byrd caused a musical production company, which he owned, to issue a promissory note to the daughter of a firm customer, who signed the note on behalf of the customer’s family. Byrd, acting on behalf of the musical production company signed a promissory note through which his company borrowed $550,000 from the customer’s family. Byrd did not provide written approval from the firm. When he was asked on annual firm attestation forms whether he referred anyone to any investment opportunities outside the firm, Byrd falsely responded that he did not. Regulatory sanctions were a nine month suspension from FINRA in all capacities beginning 1/2023 and ending 10/2023 and a $5,000 fine.
In FINRA case #21-00215, a Cantella & Co., Inc. customer alleged that Byrd executed a promissory note and that he failed to repay the principal when it was due. Claimant alleged that the funds were used to purchase an art collection. Claimant alleged unsuitable recommendations and breach of fiduciary duty. The case settled for $450,000 with $300,000 paid by Byrd individually.
In 5/2021, Byrd was discharged from Cantella & Co. after allegation of loss of confidence, failure to report customer complaint related to an outside business activity. He had been with Cantella & Co. since 8/2007.
If you have suffered losses in an account handled by Clinton Byrd contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
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.
Nationwide Representation
TollFree: 877-224-3199
Florida-561 391 1900
Texas-512-329-2870
