FINRA recently banned 11 people from working in the securities industry and suspended 16.
Dishonest advisors or brokers may not be the norm. When they turn up, though, hold on to your pocketbook.
For example, FINRA barred Kristian Gaudet of Larose, Louisiana, for refusing to provide testimony related to findings by his former brokerage, Ameritas Investments, that he had allegedly used client funds for personal use. Neither admitting nor denying guilt, Gaudet signed a letter agreeing to the ban.
By last week, after eight more clients had come forward with similar stories, the number of charges had grown to 10 counts each of felony theft and money laundering, as well as racketeering and exploitation of the infirm. Daniel Todd Levine, of Englewood, Colorado, signed a letter with FINRA agreeing to the ban, neither admitting or denying guilt.
The agency alleges that Levine offered people a chance to invest in discounted bitcoin with the promise of significant returns. The idea was that his brother would purchase bitcoin from a private seller overseas at a discount of 60 percent to 90 percent. Levine was expecting about $2 million in commissions, state documents show.
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