Articles Tagged with Chief Operating Officer

Stoltmann Law Offices is investigating Mark Beloyan, who recently had a complaint filed against him and his firm, TradeSpot Markets, by the Financial Industry Regulatory Authority (FINRA). Beloyan was the President, Chief Operating Officer, Chief Compliance Officer and owner of TradeSpots. FINRA alleged that Beloyan and another financial advisor at the firm recommended penny stocks to customers without affirming suitability. This misconduct occurred while he and the advisor were trading shares of Mondial Ventures Inc. and STW Resources Holding Corp. Allegedly, Beloyan often entered information on customer suitability forms after the customer had signed it. For these transgressions, TradeSpot agreed to pay a $10,000 fine and will not solicit or recommend the purchase of penny stock for one year. Beloyan was suspended from the securities industry in all capacities for 10 days with an additional 50 days in a principal capacity. Penny stocks are those stocks which are typically exchanged at a relatively low price, and, therefore, highly speculative and high risk because of their lack of liquidity. They are not suitable for all investors.

Beloyan was registered with Rutherford, Brown & Catherwood from February 1986 until October 1988, Escalator Securities from November 1988 until May 1990, Sunpoint Securities in Longview, Texas from May 1990 until January 1992 and Corporate Securities Group in St. Louis from January 1992 until March 1992. He is currently registered with TradeSpot in Davie, Florida, and has been since March 1992, according to his online, public FINRA BrokerCheck report. Please call our securities law offices in Chicago, Illinois today to speak to an attorney about your options of suing Mark Beloyan and TradeSpot Markets in the FINRA arbitration forum on a contingency fee basis to recover your investment losses. The call to us is free with no obligation so please call today. 312-332-4200.

Stoltmann Law Offices is investigating Newport Coast Securities, a brokerage firm that entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) in February 2013. It was alleged that Newport Coast failed to enforce its written supervisory procedures by failing to identify and take appropriate action with respect to transactions of securities on its Restricted List. The firm was fined $10,000 for this. On another occasion, Newport Coast Securities allegedly failed to establish and implement policies to detect and cause the reporting of suspicious transactions and failed to file suspicious activity reports. For this, FINRA fined the firm $100,000.

Kristopher Charles Kessler was and is Newport Coast’s Chief Operating Officer, and has been since June 2008. Kessler was accused of allowing an elderly customer account’s to be transferred to an account not controlled by the client without the customer’s approval. The account was transferred by a registered representative of Newport without the firm’s approval. The firm and Kessler did not do their due diligence on the registered representative who was accused of putting the client’s securities into a private placement not offered by the firm.

Kessler was registered with IDS Life Insurance Company in Minneapolis, Minnesota from September 2002 until June 2003, American Express Financial Advisors in Minneapolis from September 2002 until June 2003, WM Financial Services Inc. in Irvine, California from June 2003 until May 2005 and Brookstreet Securities Corporation in Irvine from May 2005 until June 2007. He is currently registered with Newport Coast Securities in Irvine and has been since September 2007.

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