When communicating online or investing with any professional, make sure you know who you’re dealing with. Imposters might link to sites like BrokerCheck from phishing or similar scam websites, or through social media , trying to steal your personal information or your money. Please contact FINRA with any concerns.
NASD RULES 2110, 2510(B): SEIBEL EFFECTED TRADES IN A CUSTOMER'S ACCOUNTS WITHOUT HER PRIOR APPROVAL. SEIBEL EFFECTED TRADES IN THREE ACCOUNTS HELD BY A CUSTOMER ON THE INSTRUCTIONS OF THE CUSTOMER'S SPOUSE. SEIBEL'S MEMBER FIRM DID NOT APPROVE THE ACCOUNTS AS DISCRETIONARY AND THE CUSTOMER HAD NOT GIVEN HIM PRIOR WRITTEN AUTHORITY TO EXERCISE DISCRETION OVER THE ACCOUNTS. LIKEWISE, THE CUSTOMER'S SPOUSE DID NOT PROVIDE SEIBEL WITH ANY POWER OF ATTORNEY OR OTHER WRITTEN AUTHORITY TO DIRECT THE ACTIVITY IN THE CUSTOMER'S ACCOUNTS.
Resolution
Acceptance, Waiver & Consent(AWC)
Sanctions
Censure
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Amount
$5,000.00
Regulator Statement
WITHOUT ADMITTING OR DENYING THE FINDINGS, SEIBEL CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE HE IS CENSURED AND FINED $5,000. FINE PAID IN FULL DECEMBER 27, 2011.
6/10/2009
Customer Dispute
Settled
Allegations
CLAIMANTS STATE CLAIMS FOR: NEGLIGENCE; BREACH OF FIDUCIARY DUTY; BREACH OF CONTRACT, VIOLATION OF KANSAS SECURITIES ACT; FRAUD; VIOLATION OF KANSAS CONSUMER PROTECTION ACT. THE ACTS ARE ALLEGED TO HAVE OCCURRED BETWEEN JUNE OF 2006 AND NOVEMBER OF 2008 AND RELATED TO AN ALLEGED UNSUITABLE RECOMMENDATION MOVING THE CLAIMANTS FROM INDIVIDUAL ENTITIES TO EQUITY MUTUAL FUNDS, AND MAKING USE OF MARGIN. THERE IS ALSO AN ALLEGATION OF UNAUTHORIZED TRADING. (COMPENSATORY DAMAGES OF $310,000 PLUS PUNITIVE DAMAGES, ATTORNEYS FEES, AND COSTS.)
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.