Christopher J. McKenna, of Cleveland, Ohio, engaged in two private securities transactions without prior written authorization from Financial America, a FINRA Letter of Acceptance, Waiver and Consent (AWC) alleges. McKenna, along with Paul Carleton, sold at least $300,000 in Private Offerings. On June 11, 2010, a McKenna customer executed a subscription agreement to purchase $200,000 of the Private Offering, and on June 17, 2010, a second McKenna customer executed a subscription agreement to purchase $100,000 of the Private Offering, the AWC alleges. McKenna, however, did not provide copies of said agreements to Financial America, or disclose to his Member Firm of the transactions. In addition, the AWC reports that after an April 2010 investor meeting, McKenna’s supervisor sent an e-mail to McKenna and Carleton, advising them that the Financial America would not participate in the Private Offering until certain due diligence procedures were agreed upon. However, McKenna, who entered the securities industry in 2008 and does not have any prior disciplinary history, still made the transaction, thus violating FINRA rules, the AWC reports.
McKenna Consents to Sanctions
McKenna has consented to the imposition of the following sanctions: a fine of$7,500, and a suspension from associating with any FINRA-registered firm in any capacity for a period of two months, the AWC states.
Investment Fraud Lawyers Investigating
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.