CURTIS MICHAEL WORRELL - Investment Adviser

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Detailed ReportReport

CURTIS MICHAEL WORRELL

CRD#: 1084980

Previous Investment Adviser

Previous Broker

The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site

Licenses

Licenses

0 Licenses

Registration History

Disclosure(s)

View By:

9/3/2015

Regulatory

Final

Initiated By

FINRA

Allegations

WORRELL WAS NAMED A RESPONDENT IN A FINRA COMPLAINT ALLEGING THAT HE PARTICIPATED IN PRIVATE SECURITIES TRANSACTIONS TOTALING $1,179,885 IN SALES, FROM WHICH HE RECEIVED $46,492 IN SELLING COMPENSATION, WITHOUT PROVIDING PRIOR NOTICE TO HIS MEMBER FIRM OF HIS PROPOSED ROLES IN, OR THE SELLING COMPENSATION THAT HE MAY RECEIVE FROM, THE TRANSACTIONS. THE COMPLAINT ALLEGES THAT ON AN ANNUAL COMPLIANCE ACKNOWLEDGEMENT, WORRELL FALSELY STATED THAT HE HAD NOT ENGAGED IN ANY PRIVATE SECURITIES TRANSACTIONS AWAY FROM THE FIRM.

Resolution

Decision & Order of Offer of Settlement

Sanctions

Civil and Administrative Penalty(ies)/Fine(s)

Amount

$5,000.00

Sanctions

Disgorgement

Amount

$44,164.00

Sanctions

Suspension

Registration Capacities Affected

Any capacity

Duration

one year

Start Date

5/16/2016

End Date

5/15/2017

Sanctions

plus interest on disgorgement- Fine paid in full on May 16, 2016.

Regulator Statement

Without admitting or denying the allegations, Worrell consented to the sanctions and to the entry of findings that he, acting outside of the scope of his employment with his member firm, participated in private securities transactions totaling $1,179,885 in sales, from which he received $46,492 in selling compensation, without providing prior written notice to his firm of his proposed roles in, or the selling compensation that he may receive from the transactions. The findings stated that the private securities were not approved for sale by Worrell's firm and were not available for sale through the firm. Worrell did not notify the firm in any manner that he had participated in the sale of the private securities. Worrell never received his firm's written approval to participate in the private securities transactions. The findings also stated that on annual compliance acknowledgments, Worrell falsely stated that he had not engaged in any private securities transactions away from the firm. Fine paid in full on May 16, 2016.

Broker Comment

Rep alleges he "has had no customer complaints with regard to this matter or any other since first licensed in 1983".

Previous Registration(s)

th hidden text	th hidden text	Name	Location
IA	03/25/2009 - 06/29/2012	MADISON AVENUE SECURITIES, INC. (CRD#:23224)	ROANOKE, VA
IA	06/19/2006 - 03/25/2009	MADISON AVENUE ADVISORS, INC. (CRD#:137461)	ROANOKE, VA

MADISON AVENUE SECURITIES, INC. (CRD#:23224)

ROANOKE, VA

03/25/2009 - 06/29/2012

MADISON AVENUE ADVISORS, INC. (CRD#:137461)

ROANOKE, VA

06/19/2006 - 03/25/2009

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Broker

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.

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.