Duke and Dule Wealth Management

Discharged

Failure to Complete requirements of FINRA regulatory Action

Bankruptcy

Discharged

On February 23, 2024, the U.S. Bankruptcy Court for the Eastern District of Pennsylvania issued this Order Approving Trustee's Final Account, Discharging Trustee, and Close Estate. Upon consideration of the Trustee's Final Account, it appearing that the Trustee has made payments to all creditors in accordance with Trustee's Final Report and it further appearing that the Trustee is no longer holding any funds in trust in this proceeding, it is hereby Ordered and Decreed that the Trustee's Final Account is approved, and the Trustee is hereby discharged from his trust, duties and responsibilities as Trustee in this case. It is further ordered that this case is hereby closed.

DISCHARGED BANKRUPTCY WAS PRECEDED BY ARBITRATION DECISION TO ENFORCE A SETTLEMENT AGREEMENT, WHEREIN I HAD AGREED TO REIMBURSE MY FORMER EMPLOYER FOR FORGIVABLE LOANS PAID AS ANNUAL PERFORMANCE BONUSES DURING MY EMPLOYMENT. THE FIRM FILED THE ARBITRATION AFTER I FAILED TO MAINTAIN THE AGREED PAYMENT SCHEDULE. I OTHERWISE STRIVE TO MAINTAIN A GOOD CONSUMER CREDIT RATING.

FINRA

Respondent Markus failed to pay an arbitration award rendered against him and failed to prove that he has a bona fide inability to pay the award.

Decision

Monetary Penalty other than Fines

$1,824.36

Suspension

All Capacities

N/A

8/17/2021

1/26/2024

Expedited Proceeding No. ARB210008: On August 17, 2021, an Expedited Decision was issued for Markus. Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Markus is suspended on August 17, 2021 for failing to pay an arbitration award rendered against him and failing to prove that he has a bona fide inability to pay the award. The suspension will remain in effect until he produces sufficient documentary evidence to FINRA showing that (1) the Award has been paid in full; (2) Markus and the arbitration creditor have agreed to settle the matter, and Markus is current on the settlement; or (3) Markus has filed a petition in a United States Bankruptcy Court, or a United States Bankruptcy Court has discharged the debt representing the Award. Upon such showing, the suspension will automatically terminate. Markus is also ordered to pay FINRA costs of $1,824.36. Arbitration Case #20-01699: Suspension lifted January 26, 2024

FINRA

Markus was named a respondent in a FINRA complaint alleging that he executed 11 transactions in a customer's account without first obtaining authorization. The complaint alleges that he entered a note in his member firm's client notes software that falsely stated that he had spoken to the customer about the 11 purchases and that the customer agreed to the purchases. In addition, when correcting the trades, Markus entered a note that falsely stated that he had understood this to be mandate. The complaint also alleges that Markus falsely represented to FINRA that he had time and price discretion in the customer's account, when he did not.

Decision

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

$10,000.00

Monetary Penalty other than Fines

$4,177.62

Suspension

All capacities

two years

9/17/2018

9/16/2020

Hearing Panel decision rendered July 16, 2018. The sanctions were based on findings that Markus executed unauthorized mutual fund purchases in a customer's account. The findings stated that Markus misrepresented facts to his member firm on two occasions. First, Markus misrepresented in his firm's client notes software system that he had spoken to the customer, and the customer had authorized Markus's mutual fund purchases. Second, when reversing the mutual fund purchases in the customer's account, Markus misrepresented on trade correction forms that he understood he had a "mandate" to enter the trades. By these actions, Markus was intentionally concealing his misconduct from the firm. Member firms rely on the accuracy of the information contained in their records to supervise their associated persons and protect their customers. By misrepresenting information in firm records, Markus interfered with the firm's ability to do both. An associated person's entering false information into firm records contravenes ethical business practices and hinders supervision and customer protection. The findings also stated that Markus falsely represented to FINRA, in response to a request for information, that the customer had granted him time and price discretion when, in fact, he had not. The decision became final September 4, 2018.

Ameriprise Financial Services, Inc.

Discharged

individual terminated for non-compliance with terms outlined in disciplinary action plan and conducting unauthorized mutual fund trades in client accounts.

RR advised mutual fund trades occurred in one client account. Trades were cancelled on the same day that they were executed. The client made no claim of financial injury.

CLIENT ALLEGES MISREPRESENTATION IN THE SOLICITATION OF A VARIABLE ANNUITY

$13,154.60