California Stockbroker Discipline Report for October 2009

The following information regarding broker misconduct and disciplinary activities taken against California stockbrokers was released by the Financial Industry Regulatory Authority (FINRA) in October 2009:

Kevin Michael Browne formerly of Regal Securities, Inc. in Dillon, California, was suspended from association with any FINRA member in any capacity for one year for allegedly defrauding investors in connection with the sale of Collateralized Mortgage Obligations (CMOs).

Pingping Shu (aka Carol Shu) formerly of Wells Fargo Investments in Camarillo, California, was barred from association with any FINRA member in any capacity for 30 days for allegedly copying and pasting customer signatures on client forms without their authorization and consent.

Michael Alfred Thome of Folsom, California, a former broker with TD Ameritrade, was ordered to pay $402,137.50 plus interest as restitution for the misappropriation of funds from a customer who thought they were investing in a real estate partnership.

Douglas Richard Smith formerly with Financial Advisors of America, LLC in Thousand Oaks, California, was named in a complaint filed by FINRA alleging unauthorized variable annuity transactions and placing the customer’s signature and/or initials on documents without the customer’s knowledge.

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