In May 2010, Paul Carleton, a Cleveland, Ohio registered representative of Financial America Securities, Inc., participated in one securities transaction. On May 19, 2010, a Carleton customer executed a subscription agreement to purchase $500,000 of this Private Offering, FINRA’s Department of Enforcement reports. Carleton triggered this purchase by forwarding the agreement directly to the issuer, but did not provide a copy of the agreement to Financial America, which was not given the possibility to review or approve the offering. Hence, Carleton violated NASD and FINRA Rules, FINRA alleges. Although Carleton had notified his firm of his intent to engage in these private transaction, Financial America had not provided prior written authorization.
Financial America Securities, from August 2009 to May 2011, One John Rukenbrod, Failed to Properly Supervise Carleton’s Cleveland, Ohio Branch Office, FINRA Alleges
FINRA alleged that John Rukenbrod failed to adequately supervise their sale of private placements from the Cleveland, Ohio office, despite Rukenbrod’s awareness of Carleton’s desire to sell these private placements. Financial America Securities did not authorize Carleton sell these private placements, but he still persevered. Rukenbrod was also alleged to have failed to adequately supervise his emails. FINRA also alleged that Rukenbrod had failed to have adequately supervised Carleton’s emails, and also was negligent in inspecting Carleton’s Cleveland branch office since 2002, also a NASD violation. Carleton has been associated with Financial America Securities, Inc. as a registered representative since 2002.
Investment Fraud Lawyers Investigating Paul Carleton
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.