[A]lcure settled MG's complaint without notifying Petersen Investments by sending MG approximately 21 checks, from in or around May 2013 to in or around July 2015, in the total amount of approximately $12,500, to compensate MG for the losses she incurred.
FINRA Rule 4530. Reporting Requirements(a) Each member shall promptly report to FINRA, but in any event not later than 30 calendar days, after the member knows or should have known of the existence of any of the following:(1) the member or an associated person of the member:
. . .(B) is the subject of any written customer complaint involving allegations of theft or misappropriation of funds or securities or of forgery;. . .(G) is a defendant or respondent in any securities- or commodities-related civil litigation or arbitration, is a defendant or respondent in any financial-related insurance civil litigation or arbitration, or is the subject of any claim for damages by a customer, broker or dealer that relates to the provision of financial services or relates to a financial transaction, and such civil litigation, arbitration or claim for damages has been disposed of by judgment, award or settlement for an amount exceeding $15,000. However, when the member is the defendant or respondent or is the subject of any claim for damages by a customer, broker or dealer, then the reporting to FINRA shall be required only when such judgment, award or settlement is for an amount exceeding $25,000; or . . .. . .
(e) Nothing contained in this Rule shall eliminate, reduce or otherwise abrogate the responsibilities of a member or person associated with a member to promptly disclose required information on the Forms BD, U4 or U5, as applicable, to make any other required filings or to respond to FINRA with respect to any customer complaint, examination or inquiry. In addition, members are required to comply with the reporting obligations under paragraphs (a), (b) and (d) of this Rule, regardless of whether the information is reported or disclosed pursuant to any other rule or requirement, including the requirements of the Form BD. However, a member need not report: (1) an event otherwise required to be reported under paragraph (a)(1) of this Rule if the member discloses the event on the Form U4, consistent with the requirements of that form, and indicates, in such manner and format that FINRA may require, that such disclosure satisfies the requirements of paragraph (a)(1) of this Rule, as applicable; or (2) an event otherwise required to be reported under paragraphs (a) or (b) of this Rule if the member discloses the event on the Form U5, consistent with the requirements of that form.
(2) Have you ever been the subject of an investment-related, consumer-initiated (written or oral) complaint, which alleged that you were involved in one or more sales practice violations, and which:(a) was settled, prior to 05/18/2009, for an amount of $10,000 or more, or;(b) was settled, on or after 05/18/2009, for an amount of $15,000 or more?(3) Within the past twenty four (24) months, have you been the subject of an investment-related, consumer-initiated, written complaint, not otherwise reported under question 14I(2) above, which:(a) alleged that you were involved in one or more sales practice violations and contained a claim for compensatory damages of $5,000 or more (if no damage amount is alleged, the complaint must be reported unless the firm has made a good faith determination that the damages from the alleged conduct would be less than $5,000), or;(b) alleged that you were involved in forgery, theft, misappropriation or conversion of funds or securities?
FINRA ARBITRATION ALLEGES MISREPRESENTATION, OMISSION OF FACTS, FAILURE TO DIVERSIFY, UNSUITABLE INVESTMENTS, EXCESSIVE TRADING AND FAILURE TO SUPERVISE REGARDING TRANSACTIONS IN A BROKERAGE ACCOUNT BETWEEN MARCH 2006 AND JULY 2009.The alleged damages were reported as $1,278,964.00. Woodbury Financial indicated that the matter settled on June 2, 2011, in the amount of $535,000, of which Alcure purportedly contributed $267,500.20o9 Customer Complaint "Denied"
CUSTOMER ALLEGES REPRESENTATIVE DID NOT FOLLOW INSTRUCTIONSThe complaining customer purportedly sought $27,000 in damages and the firm denied the claim.
THE NYS DEPARTMENT OF FINANCIAL SERVICES INDICATED RESPONDENT PROVIDED MATERIALLY INCORRECT AND UNTRUE INFORMATION IN HIS INSURANCE LICENSE RENEWAL APPLICATION SUBMITTED SEPTEMBER 2010 AND MAY 2011 IN THAT HE FAILED TO DISCLOSE HE WAS PARTY TO A FINRA ARBITRATION PROCEEDING.Pursuant to the Stipulation & Consent, Alcure incurred a $3,000 penalty. Also READ: