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RESPONDENT ALVEY FAILED TO COMPLY WITH AN ARBITRATION AWARD OR SETTLEMENT AGREEMENT OR TO SATISFACTORILY RESPOND TO A FINRA REQUEST TO PROVIDE INFORMATION CONCERNING THE STATUS OF COMPLIANCE.
Resolution
LETTER
Sanctions
Suspension
Registration Capacities Affected
ANY CAPACITY
Duration
N/A
Start Date
6/18/2013
Regulator Statement
PURSUANT TO ARTICLE VI, SECTION 3 OF FINRA BY-LAWS, AND FINRA RULE 9554, RESPONDENT ALVEY IS SUSPENDED JUNE 18, 2013 FOR FAILURE TO COMPLY WITH AN ARBITRATION AWARD OR SETTLEMENT AGREEMENT OR TO SATISFACTORILY RESPOND TO A FINRA REQUEST TO PROVIDE INFORMATION CONCERNING THE STATUS OF COMPLIANCE.
9/28/2011
Customer Dispute
Award / Judgment
Allegations
Negligence; Breach of Fiduciary Duty; Misrepresentations; Omission Effects; and Suitability
Damage Amount Requested
$73,833.12
Damages Granted
$57,960.00
Regulator Statement
The Award has not been paid.
3/25/2010
Regulatory
Final
Initiated By
UTAH DIVISION OF SECURITIES
Allegations
THE DIVISION ALLEGES THAT: (1) ALVEY COMMITTED SECURITIES FRAUD UNDER SECTION 61-1-1(2) OF THE UTAH UNIFORM SECURITIES ACT ("ACT") BY MAKING MISREPRESENTATIONS OR OMITTING MATERIAL FACTS NECESSARY IN ORDER TO MAKE THE STATEMENTS MADE NO MISLEADING IN CONNECTION WITH THE OFFER OR SALE OF SECURITIES; (2) ALVEY COMMITTED SECURITIES FRAUD UNDER SECTION 61-1-1(3) OF THE ACT BY ENGAGING IN ACTS PRACTICES OR A COURSE OF BUSINESS WHICH OPERATED AS A FRAUD; (3) ALVEY VIOLATED SECTION 61-1-3 OF THE ACT BY ACTING AS AN UNLICENSED AGENT INSOFAR AS HE CONDUCTED SECURITIES TRANSACTIONS THROUGH AND WAS PAID COMPENSATION BY DESERET FINANCIAL; AND (4) ALVEY MADE FALSE STATEMENTS TO THE DIVISION IN VIOLATION OF SECTION 61-1-16 OF THE ACT BY FILING A FALSE AND MISLEADING FORM U-4 THAT FAILED TO DISCLOSE HIS OUTSIDE ACTIVITIES WITH DESERET FINANCIAL.
Resolution
Stipulation and Consent
Sanctions
Cease and Desist
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Amount
$75,000.00
Sanctions
ALVEY SHALL NOT SEEK LICENSURE OR APPLY TO BE LICENSED BY THE UTAH SECURITIES DIVISION AS A BROKER-DEALER AGENT OR INVESTMENT ADVISER, NOR LICENSING AS AN AGENT FOR ANY ISSUER SOLICITING INVESTOR FUNDS, NOR LICENSING IN ANY OTHER CAPACITY IN THE SECURITIES INDUSTRY IN THE STATE OF UTAH AT ANY TIME IN THE FUTURE. ALVEY SHALL PROVIDE TRUTHFUL TESTIMONY AND COOPERATION WITH ANY STATE OR FEDERAL INVESTIGATIONS REGARDING THE PARTIES NAMED IN THE ORDER.
3/7/2008
Customer Dispute
Award / Judgment
Allegations
BREACH OF FIDUCIARY DUTY; FRAUDULENT CONCEALMENT/NONDISCLOSURE; FRAUD; NEGLIGENT MISREPRESENTATION; AND UNJUST ENRICHMENT.
Damage Amount Requested
$1,000,000.00
Regulator Statement
PANEL FINDS:
ALVEY IS LIABLE FOR BREACH OF FIDUCIARY DUTY AND SUITABILITY.
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.
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.