New York (Globe Newswire) – August 2, 2016 – The Securities Arbitration Law Firm of Klayman & Toskes¸ P.A. (“K&T”), www.nasd-law.com, has commenced an investigation in light of recent regulatory action barring Andrew Yocum (“Yocum”) from acting as a broker or otherwise associating with firms that sell securities to the public.
The Financial Industry Regulatory Authority (“FINRA”) recently barred Yocum from the securities industry after he failed to respond to a FINRA investigation. (FINRA No. 2015048065701). FINRA sanctioned Yocum after he refused to appear for on-the-record testimony in connection with an investigation into whether he effected unauthorized transactions, exercised discretion without written authorization, and recommended unsuitable concentrated purchases of energy sector securities to senior investors.
Numerous customer complaints were made against Yocum while employed at Morgan Stanley. Several of these complaints included over-concentrating customer accounts in energy, oil and gas related securities as well as recommending unsuitable investments to Morgan Stanley customers. Investment firms are required to supervise their brokers and financial advisors to ensure that they are compliant with FINRA rules. FINRA sales practice rules related to potential violations may include misrepresentations and omissions of material facts, conflicts of interest, unsuitable investment advice, securities concentration, or failure to supervise its financial advisors.