FINRA August 2015 Disciplinary Actions: Part IV

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FINRA August 2015 Disciplinary Actions: Part IV

Mark Andrew Bullivant of Fort Myers, Florida submitted a letter of acceptance, waiver, and consent that banned him from associating with any FINRA member in any capacity. FINRA found that Bullivant refused to appear for FINRA-requested on-the-record testimony pertaining to an investigation into whether he had converted customer funds.

Terry Wayne Burcin of Midlothian, Virgina submitted a letter of acceptance, waiver, and consent that fined him $5,000 and banned him from associating with any FINRA member in any capacity for ten business days. FINRA found that Burcin caused his member firm to keep inaccurate books and records by putting his name as the soliciting registered representative on variable annuity applications for clients, despite the fact the he not once met with the clients and was not involved in the sales of the annuities. Burcin acquired about $8,800 as compensation from the firm pertaining to the transactions. After receiving the compensation, Burcin wrote personal checks to the registered representative who actually solicited the sales as reimbursement for lost commissions.

Ramon Chavarria, Jr. of El Paso, Texas submitted a letter of acceptance, waiver, and consent that fined him $5,000 and banned him from associating with any FINRA member in any capacity for one month. FINRA found that Chavarria borrowed $15,700 from three of his clients, which is against his member firm’s policies and procedures. According to FINRA, Chavarria admitted to the regulatory agency that he knew of the firm’s prohibition against borrowing funds from clients and that he was responsible for his actions. He has repaid the loans.

Ronald Seth Cohen of Boca Raton, Florida submitted a letter of acceptance, waiver, and consent that fined him $10,000 and banned him from associating with any FINRA member in any capacity for four months. FINRA found that Cohen engaged in three outside business activities without providing prior written notice to his member firm. Cohen actively ran three businesses and acquired about $466,200 in compensation from the businesses’ owner, who was a client of the firm. FINRA also found that Cohen made misrepresentations to his firm pertaining to his role in the outside business activities by falsely stating that he disclosed all outside business activities on two annual compliance questionnaires.  Cohen, however, had not disclosed his participation.

Debra Ann Paton of Kingsport, Tennessee submitted a letter of acceptance waiver and consent that banned her from associating with any FINRA member in any capacity. FINRA found the Paton converted about $3,568 from her member firm by submitting false expense reports and receipts in order to acquire reimbursements to which was not entitled.  FINRA found that Paton altered legitimate expense reports she had previously submitted on a registered representative’s behalf by putting her own name in place of the representative’s. Paton later submitted the altered reports, supported by copies of the representative’s legitimate receipts, for reimbursement.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

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