Former Moors & Cabot Broker Sanctioned Over Unauthorized Annuity Advertisements

Former Moors & Cabot Broker Sanctioned Over Unauthorized Annuity Advertisements 150 150 Robert Rex, Esq.

June 18, 2015-Boston, MA

Lucian D. Hodgman  entered into a Letter of Acceptance Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between May and July 2013 he caused approximately 40,000 copies of an advertisement postcard to be sent out by mail without the approval of a registered principal at his member firm, Moors & Cabot, in violation of FINRA Rules 2210(b)(1) and 2010. The postcards contained information about investing in fixed annuities that failed to provide a sound basis for evaluating such an investment, according to the AWC.

The AWC also alleges that in July or August 2013, Hodgman falsely represented to Moors & Cabot that a third party marketing firm was responsible for the mailing without his knowledge or authorization.

Hodgman was fined $5,000 and suspended from association with any FINRA member in any and all capacities for 18 months.

Disciplinary Proceeding NO. 2013038183301

According to FINRA records, Hodgman was previously registered as follows:

  • 10/2014-present                      Newport Coast Securities
  • 4/2014-8/2014                          White Weld & Co. Securities
  • 9/2013-3/2014                          Investors Capital Corporation
  • 1/2001-9/2013                          Moors & Cabot, Inc.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

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