FINRA Sanctions Alabama Broker Terry Bagwell

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FINRA Sanctions Alabama Broker Terry Bagwell

Alabama stockbroker and supervisor Terry Bagwell submitted a Letter of Acceptance, Waiver, and Consent (“AWC”), accepting and consenting to FINRA’s findings that he violated the regulatory authority’s rules. Bagwell, who is currently associated with Pruco Securities, LLC, was the supervisor of a registered representative who sold eighteen individuals millions of dollars in investments as part of a Ponzi scheme. Bagwell became aware that the representative was involved in private securities transactions that were not approved by the firm and then personally participated in them himself. Bagwell failed to reasonably supervise the representative and report the violations to the firm.

FINRA found that on April 20, 2012 and August 22, 2012, Bagwell provided $25,000 and $10,000, respectively, to the representative so that he could invest Bagwell’s funds in securities at an outside brokerage account maintained by the representative. On December 12, 2012 and March 29, 2013, Bagwell received investment proceeds and realized a $7,600 gain from the investments. Additionally, FINRA noted that Bagwell took no steps to supervise the Ponzi scheme transactions in any way.

In the AWC, Bagwell consented to the following sanctions: a lifetime bar from association with any FINRA member in any principal capacity, a fine of $25,000, and a 30-day suspension from association with any FINRA member firm in all capacities.

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.

To read the entire AWC, please click here.

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