FINRA December 2015 Disciplinary Actions: Part III

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FINRA December 2015 Disciplinary Actions: Part III

Denny P. Darmodihardjo (Roswell, GA) submitted an AWC in which he was assessed a deferred fine of $25,000 and suspended from association with any FINRA member in any capacity for 18 months. FINRA found that he engaged in excessive and unsuitable trading in a customer’s accounts. The findings stated that Darmodihardjo made recommendations for the accounts of the customer who, at the time, was a retiree in his late seventies living on a fixed income and caring for his adult child. Darmodihardjo used this control to excessively trade the accounts in a manner that was inconsistent with the customer’s investment objectives, financial situation and needs. The findings also stated that Darmodihardjo recommended unsuitable short-selling and margin use in transactions for the same customer. Despite losses being incurred in the customer’s accounts, Darmodihardjo did not cease the active trading strategy. The suspension is in effect from October 19, 2015, through April 18, 2017.

Anthony Clyde Gray (Baton Rouge, LA) submitted an AWC in which he was barred from association with any FINRA member in any capacity. FINRA found that he misappropriated approximately $138,000 from two elderly customers at his member firm. The findings stated that Gray convinced the customers, a couple, to transfer funds from their firm account to their personal banking account held away from the firm. Gray instructed the couple to provide him with blank checks from their personal banking account to allegedly pay fees for their firm accounts. When the customers gave Gray the blank checks, he proceeded to make the checks payable to him or to a business with which he was affiliated, and then used the customers’ funds for his personal use.

William Andrew Hightower (Bellaire, TX) submitted an AWC in which he was barred from association with any FINRA member in any capacity. FINRA found that he failed to respond fully to FINRA requests for documents and information in connection with an investigation into allegations that he improperly referred customers to an unapproved private securities transaction.

Phillip Andrew Johnson (Murfreesboro, TN) submitted an AWC in which he was assessed a deferred fine $5,000 and suspended from association with any FINRA member in any capacity for three months. FINRA found that he borrowed $322,000 from a customer of his member firm, but failed to notify the firm or obtain its written approval of the loan in advance. The findings stated that Johnson made an inaccurate statement on his firm’s annual compliance questionnaires related to his borrowing from a firm customer. The suspension is in effect from October 19, 2015, through January 18, 2016.

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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