December 28, 2015- Delray Beach, Florida
Geoffrey Schiffrin entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while associated with Finance 500, Inc. as registered principal for their Florida branch office, Schiffrin failed to detect and investigate numerous red flags indicative of potentially suspicious activity related to the retail trading activity of the branch’s customers including his own.
According to FINRA, Schiffrin opened trading accounts for individuals he knew had engaged in suspicious and manipulative trading of a penny stock and assisted those customers in depositing additional shares of that same penny stock to liquidate. Schiffrin, at no time, conducted additional due diligence to assess the legitimacy of the transactions or escalated the matter to the firm’s AML officer. From at least 2010, Schiffrin failed to fulfill his responsibilities under the firm’s anti money laundering procedures.
AWC No. 20130368378-04
Schiffrin was fined $10,000 and suspended from association with any FINRA member in any capacity for six months followed by suspension from any FINRA member in a principal capacity for a year.
According to FINRA records Schiffrin was registered with Finance 500 in Delray Beach, Florida, from 1/2006-1/2013. He was registered with GVC Capital in Boca Raton, FL, from 8/2013-12/2013.
Finance 500 is headquartered in Irvine, CA. They have been a FINRA registered broker dealer since 1982 and have about 29 registered individuals in five branch offices.
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.
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