The following information regarding broker misconduct and disciplinary activities taken against California stockbrokers was released by the Financial Industry Regulatory Authority (FINRA) in February 2010:
Donald Dunakin, formerly with GunnAllen Financial and Delta Equity Services Corporation in El Dorado Hills, California, was barred from association with any FINRA member in any capacity for making unsuitable recommendations to customers who had to borrow money in order to purchase securities.
Jeffrey Allan Forrest, formerly with Associated Securities Corp. in Van Nuys, California, was was barred from association with any FINRA member in any capacity. Forrest was also permanently barred by the SEC along with his company Wealthwise, LLC of San Louis Obispo, California, for failing to disclose material conflicts of interest when recommending that his clients invest in a high-risk hedge fund that made undisclosed subprime investments.
Ramon Oller, formerly with Morgan Stanley & Co. of Laguna Woods, California, was fined $5,000 and suspended from association with any FINRA member in any capacity for six months for failing to disclose material facts, such as state income tax liens, on his securities registration form.
Max Safdie, a broker with Moors & Cabot in San Francisco, California, and formerly with Wedbush Morgan Securities was suspended from association with any FINRA member in any capacity for 30 business days for making misrepresentations to a third-party lending institution in order to assist a family member in obtaining a loan.
Louise M. Batchelor, formerly with Allstate Financial Services, San Diego, California, was permanently barred from association with any FINRA member in any capacity and was suspended by the California Department of Insurance because she was charged with six felony counts of theft and forgery.
John Anthony Marrone, a broker with Nexcore Capital, Inc. in San Diego, California, and Morgan Stanley & Co. in Santa Monica, California, was suspended from August 18, 2009 to December 10, 2009, for noncompliance with an award in an arbitration filed against him by Morgan Stanley.