FINRA Broker Disciplinary Action Report: February 2020
Each month, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious terms to at least skim this report to see if you recognize any names, schemes, products, or securities.
For our part, we like to pick out some of the highlights from each report. Specifically, we’re looking for schemes or abuses that might be more far-reaching than the individual cases brought through the FINRA arbitration process.
Brokers & Brokerages Barred, Suspended, and/or Fined by FINRA
Roxana Sophia McKinney (CRD #4830895, Jackson Heights, New York)
McKinney was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, McKinney consented to the sanction and to the entry of findings that she failed to appear for on-the-record testimony requested by FINRA after her member firm had filed a Uniform Termination Notice for Securities Industry Registration (Form U5) for her stating that she had been discharged.
Michael Royce Minghenelli (CRD #6067409, New York, New York)
Minghenelli was barred from association with any FINRA member in all capacities. The sanction was based on findings that Minghenelli converted $200 from his member firm by taking an unauthorized cash advance using his corporate credit card. The findings stated that Minghenelli used the corporate credit card at an ATM to take the cash advance when the advance was not related to any business purpose or business expense. Instead, Minghenelli spent the funds on personal expenses. The firm’s card program servicing department notified Minghenelli’s supervisor that his corporate credit card had transaction exceptions that did not meet expense guidelines. The supervisor questioned Minghenelli, who falsely denied taking the advance. The next day, Minghenelli called the firm’s affiliated bank and falsely reported that the advance was an act of ATM fraud. The findings also stated that Minghenelli failed to provide documents and information requested by FINRA during its investigation of this matter.
James Daniel D’Meo (CRD #1444759, Tinton Falls, New Jersey)
D’Meo was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, D’Meo consented to the sanction and to the entry of findings that he failed to timely provide documents and information requested by FINRA and refused to appear for on-the-record testimony requested by it as part of an investigation into his financial disclosures.
Rachel Lorenzo Tibbie (CRD #6856785, Prosper, Texas)
Tibbie was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Tibbie consented to the sanction and to the entry of findings that she refused to provide documents and information requested by FINRA in connection with its investigation into whether she used a third party’s credit card without authorization.
Gerald Thomas Coyne (CRD #4589061, Scranton, Pennsylvania)
Coyne was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Coyne consented to the sanction and to the entry of findings that he refused to appear for onthe-record testimony requested by FINRA in connection with its investigation into whether he made misrepresentations, omissions and unsuitable recommendations of variable annuities to customers using their rollover funds from their state retirement accounts. The findings stated that FINRA began the investigation after Coyne’s member firm filed a Form U5 disclosing that it had terminated his registration based upon client service issues and violations of firm policy.
Ramon Esparza (CRD #5832979, Donna, Texas)
Esparza was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Esparza consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA. The findings stated that Esparza’s member firm filed a Form U5 disclosing that he resigned after the firm initiated an internal review relating to allegations that he received cash and transacted business in bitcoin and concluded that he engaged in unapproved outside business activities involving bitcoin transactions. Esparza provided some of the requested information and documents but failed to provide all of the requested materials.
Monica Jade Meyer (CRD #6048364, Palm City, Florida)
Meyer was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Meyer consented to the sanction and to the entry of findings that she converted $2,060 by charging a co-worker’s personal credit card without authorization. The findings stated that Meyer added the co-worker’s personal credit card information to her profile on an online payment system without the coworker’s authorization. Later, without her coworker’s knowledge or consent, Meyer used that payment system to send her sister $2,000, charging the coworkers’ credit card $2,060, reflecting the three percent fee imposed by the payment system. After her sister returned the money to her, Meyer immediately transferred the funds to her bank account. Since then, Meyer has kept the funds and has not reimbursed her coworker or the credit card company.
Matthew Joseph Bussard (CRD #6803371, Providence, Rhode Island)
Bussard was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Bussard consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into whether he submitted certain falsified documents to his member firm. The findings stated that the firm alleged in a Form U5 that Bussard submitted for processing multiple nongenuine client signatures on insurance documents
For the full FINRA Disciplinary Report, please click here.
