October 2020- Salt Lake City, UT
According to publicly available records, former Cetera Advisor Networks, financial advisor Stanley B. Secor, has been barred from the securities industry by FINRA and is the subject an investigation and a termination.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In July 2020 in FINRA case 2020065022401 Secor was permanently barred from the securities industry to resolve allegations that he refused to produce information and documents requested by FINRA during the course of an investigation into the nature and scope of his relationship with certain customers and his communications to his member firms about those relationships to determine whether he engaged in conduct that violated federal securities laws or regulations of FINRA rules.
In October of 2019 an investigation was initiated by Utah Division of Securities. In July of 2018 the division conducted an on-site examination that found that the Secor engaged in the following actions: sharing in client accounts, undisclosed and unapproved estate roles and trustee appointments, designation as client’s beneficiary without firm approval, violation of former BD’s written supervisory procedures and misrepresentation as to source of funds, control and custody of client funds, making false statements to the division of securities and dishonest or unethical practices. This investigation is still pending.
In December of 2019, Secor was discharged from Cetera Advisor Networks in response to allegations that he violated the terms of his suspension by interfering with the forwarding of securities related emails to the representative’s regional director.
Secor was employed by Cetera Advisor Networks from November of 2017 until December of 2019. Before that he was employed with Girard Securities, Inc., Securian Financial Services, and WS Griffith Securities, Inc.
If you have losses in an account handled by Stanley Secor, call to learn how you may be able to recover damages through FINRA arbitration.
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.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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