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ALLEGED BREACH OF CONTRACT, BREACH OF
FIDUCIARY DUTY & COMMON LAW FRAUD.
ALLEGED DAMAGES = $500,000 PLUS ATTORNEYS FEES AND INTEREST.
Damage Amount Requested
$500,000.00
Settlement Amount
$10,000.00
Broker Comment
THE SETTLEMENT AMOUNT IS CONFIDENTIAL AND IT WAS MORE THAN $10,000.00
6/2/1972
Regulatory
Final
Initiated By
NEW YORK STOCK EXCHANGE
Resolution
Decision
Sanctions
Suspension
Broker Comment
THE EXCHANGE SUSPENDED FARR FROM EMPLOYMENT, IN ANY CAPACITY, WITH A MEMBER OR MEMBER ORGANIZATION FOR A PERIOD OF SIXTY DAYS, EFFECTIVE MAY 1, 1972. FARR WAS FOUND TO HAVE VIOLATED EXCHANGE RULE 406, IN THAT THE EXCHANGE FOUND THAT FARR ALLOWED HIS FORMER MEMBER FIRM TO CARRY AN ACCOUNT ON ITS BOOKS WHICH WAS IN THE NAME OF A PERSON OTHER THAN THAT OF THE CUSTOMER, AND ALSO FOUND THAT FARR PROVIDED THE FIRM WITH FALSE INFORMATION ON THE NEW ACCOUNT CARDS.
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.