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FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
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
FINRA RULE 2010 AND NASD RULES 2310 AND 3110 AND INTERPRETIVE MATERIAL 2310-2.
CHACKMAN RECOMMENDED REAL ESTATE INVESTMENT TRUSTS (REITS) AND OTHER ALTERNATIVE INVESTMENTS TO HIS MEMBER FIRM CUSTOMERS. THE INVESTMENTS WERE PURCHASED AT PERIODIC INTERVALS IN EACH OF THEIR ACCOUNTS. TO EVADE THE FIRM'S LIMITATION ON THE CONCENTRATION OF ALTERNATIVE INVESTMENTS IN CUSTOMERS' ACCOUNTS, CHACKMAN REGULARLY MISIDENTIFIED HIS CUSTOMERS' PURPORTED LIQUID NET WORTH ON A REQUIRED FIRM FORM, THE ALTERNATIVE INVESTMENT PURCHASE FORM.
AS A RESULT OF CHACKMAN'S MISREPRESENTATIONS ON THOSE FORMS, HIS CUSTOMERS' CONCENTRATION IN ALTERNATIVE INVESTMENTS, GAUGED AS A PERCENTAGE OF THEIR PURPORTED LIQUID NET WORTH, REMAINED BELOW THE FIRM'S LIMITATIONS. BY FALSIFYING THE ALTERNATIVE INVESTMENT PURCHASE FORMS, CHACKMAN INCREASED HIS SALES OF ALTERNATIVE INVESTMENTS, BUT HIS UNSUITABLE RECOMMENDATIONS OVER-CONCENTRATED HIS CUSTOMERS' ASSETS IN ILLIQUID ALTERNATIVE INVESTMENTS. MOREOVER, BY MISREPRESENTING HIS CUSTOMERS' PURPORTED LIQUID NET WORTH ON THE ALTERNATIVE INVESTMENT PURCHASE FORMS, CHACKMAN EVADED THE FIRM'S SUPERVISION, AND CAUSED THE FIRM'S BOOKS AND RECORDS TO BE INACCURATE.
Resolution
Acceptance, Waiver & Consent(AWC)
Bar
Bar (Permanent)
Registration Capacities Affected
All Capacities
Duration
Indefinite
Start Date
12/13/2013
Regulator Statement
WITHOUT ADMITTING OR DENYING THE FINDINGS, CHACKMAN CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS, THEREFORE HE IS BARRED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY.
License(s)
The broker is not currently registered with any state or SRO.
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.
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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.