FINRA

Respondent Golightly 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.

Letter

Suspension

Any capacity

n/a

12/14/2016

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Golightly is suspended on December 14, 2016 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.

Claimants allege unsuitable recommendations, negligent supervision and breach of fiduciary duty.

$5,000.00

FINRA

Without admitting or denying the findings, Golightly consented to the sanctions and to the entry of findings that he failed to appropriately supervise the sales practices of a registered representative who engaged in unsuitable trading in the brokerage and advisory accounts of his customers, primarily by inappropriately concentrating his customers' accounts in low-priced securities. The findings stated that Golightly failed to appropriately respond to red flags, and as a result, the registered representative's ongoing sales practice violations continued over an extended period. In addition, Golightly failed to appropriately maintain and enforce his member firms written supervisory procedures (WSPs), which required supervisory personnel to periodically review customer accounts to ensure that they were not inappropriately concentrated in particular securities, and that securities trades were appropriate in light of the customers' financial needs, tolerance for risk, and investment objectives, among other factors.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

Any Principal Capacity

Indefinite

9/16/2015

Suspension

all capacities

three months

9/21/2015

12/20/2015

In light of Golightly's financial status, no monetary sanction has been imposed.

BREACH OF CONTRACT AND FRAUD.

$100,000.00

$8,654.92

CLAIMANTS ALLEGE THAT FROM MAY 2012 TO SOMETIME IN 2013 THE REPRESENTATIVE RECOMMENDED UNSUITABLE INVESTMENTS IN PENNY STOCKS, PRIVATE PLACEMENTS AND ETFS. ADDITIONAL ALLEGATIONS ARE UNAUTHORIZED TRADING, MISREPRESENTATION AND OMISSIONS OF MATERIAL FACTS, FRAUD, NEGLIGENCE, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, AND VIOLATIONS OF STATE SECURITIES LAW.

$500,000.00

$8,654.92

CLAIMANTS ALLEGE THAT BETWEEN SOMETIME IN 2009 AND OCTOBER 2013 THE REPRESENTATIVE RECOMMENDED UNSUITABLE INVESTMENTS IN PENNY STOCKS, PRIVATE PLACEMENTS AND OTHER ALTERNATIVES. ADDITIONAL ALLEGATIONS ARE UNAUTHORIZED TRADING, MISREPRESENTATION AND OMISSIONS OF MATERIAL FACTS, FRAUD, NEGLIGENCE, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, AND VIOLATIONS OF STATE SECURITIES LAW.

$200,000.00

$8,654.92

CLAIMANTS ALLEGE UNSUITABLE RECCOMENDATIONS AS IT RELATES TO OTC AND PENNY STOCKS.

$25,000.00

$1,054,000.00

CLAIMANTS ALLEGE THAT THE REPRESENTATIVE RECOMMENDED UNSUITABLE INVESTMENTS IN PENNY STOCKS, PRIVATE PLACEMENTS AND OTHER ALTERNATIVES. ADDITIONAL ALLEGATIONS ARE UNAUTHORIZED TRADING, MISREPRESENTATION AND OMISSIONS OF MATERIAL FACTS, FRAUD, NEGLIGENCE, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, AND VIOLATIONS OF STATE SECURITIES LAW.

$500,000.00

$8,654.92

THIS IS NOT MY CLIENT. UNDER NO CIRCUMSTANCES WHATSOEVER DID I EVER GUARANTEE CUSTOMERS AGAINST LOSSES. I NEVER SOLD THESE CUSTOMERS ANYTHING AS THEY WERE NOT MY CLIENTS.

CLAIMANTS ALLEGE THAT THE REPRESENTATIVE RECOMMENDED UNSUITABLE INVESTMENTS IN PENNY STOCKS, PRIVATE PLACEMENTS AND OTHER ALTERNATIVES. ADDITIONAL ALLEGATIONS ARE UNAUTHORIZED TRADING, MISREPRESENTATION AND OMISSIONS OF MATERIAL FACTS, FRAUD, NEGLIGENCE, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, AND VIOLATIONS OF STATE SECURITIES LAW.

$1,000,000.00

$48,283.69

CLAIMANT ALLEGES UNSUITABLE SALES AND BREACH OF FIDUCIARY DUTY.

$5,000.00

$1,054,000.00

SCF SECURITIES

Voluntary Resignation

NONE

FIRM FAILED TO HONOR ITS COMMITMENTS MADE PRIOR TO REGISTRATION.

CLAIMANT ALLEGES WHICH INCLUDES FAILURE TO SUPERVISE, UNSUITABLE RECOMMENDATIONS AND BREACH OF FIDUCIARY DUTY.

$100,000.00

$21,750.00

breach of fiduciary duty, and duty of candid disclosure, loyalty, and professionalism; claims under Texas common law; violations of the Texas Securities Act; violations of Rules of Conduct for financial industry professionals; and failure to supervise

$154,711.00

The Award has not been paid.

SECURITIES AMERICA, INC

Voluntary Resignation

THE REPRESENTATIVE IS BELIEVED TO HAVE PARTICIPATED IN PRIVATE SECURITIES TRANSACTIONS IN VIOLATION OF FIRM POLICES AND PROCEDURES.

MY SUPERVISOR, JIM ANDERSON, WAS AWARE OF THIS COMPLAINT. FIRM POLICY ALLOWS 30 DAYS TO REPORT. THE MATTER WAS SETTLED IN 28 DAYS.

WFG INVESTMENTS INC

Discharged

FAILURE TO REPORT A CUSTOMER COMPLAINT

MY SUPERVISOR, JIM ANDERSON, WAS AWARE OF THIS COMPLAINT. FIRM POLICY ALLOWS 30 DAYS TO REPORT. THE MATTER WAS SETTLED IN 28 DAYS.

CLIENT IS ALLEGING THEFT, WHICH WE CLEARLY CAN DEFEND. THE COMPLAINT IS FROM A 3RD PARTY ALLEGING THAT WE SHOULD NOT HAVE ACCEPTED THE INSTRUCTIONS FROM [FAMILY MEMBER] (WHO IS THE MOTHER AND POA OF ACCOUNT) TO TRANSFER THE ASSETS TO THE TRUST ACCOUNT. [CUSTOMER] ACKNOWLEDGES AND READILY ADMITS THAT SHE ASSIGNED HER MOTHER AS POWER OF ATTORNEY FOR HER AFFAIRS. RIVERSTONE DID NOTHING WRONG IN ACCEPTING INSTRUCTIONS FROM A VALID POWER OF ATTORNEY TO TRANSFER ASSETS ON THE ACCOUNT. THIS IS A FAMILY MATTER AND NOT SALES PRACTICE RELATED.

$18,300.00

THIS CHARGE OF THEFT IS WITHOUT MERIT OR FACTUAL BASIS. THE AUDIT TRAIL CLEARLY SHOWS FUNDS WERE TRANSFERRED FROM [CUSTOMER'S] ACCOUNT TO HER MOTHER'S ACCOUNT. THE TRANSFER WAS AUTHORIZED BY A POWER OF ATTORNEY [CUSTOMER] SIGNED WHICH WAS WITNESSED, IN WRITING, BY TWO OF HER FRIENDS AND A NOTARY PUBLIC. THERE WAS NO SOLICITATION OF THIS ACTIVITY AND NO FEES OR CHARGES, NOT ONE PENNY, WERE ASSESSED TO [CUSTOMER] FOR THE SERVICES RENDERED TO HELP HER. THIS IS A FAMILY MATTER. NO EMPLOYEE OF RIVERSTONE WEALTH MANAGEMENT ACTED IMPROPERLY IN THIS TRANSACTION AND THE CHARGE OF THEFT IS EGREGIOUS AND UNJUSTIFIED. CUSTOMER HAS WITHDRAWN HER COMPLAINT, CLOSED WITH NO ACTION.