According to a recent Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA), Robert Tuffy, while a registered broker with Wells Fargo, executed six trades in two accounts of a customer, without receiving the customer’s authorization. For this, Tuffy was suspended from the industry for 20 business days and fined $5,000. According to his online FINRA BrokerCheck report, Tuffy was registered with McLaughlin, Piven, Vogel Securities, Americorp Securities, WJ Nolan & Co., Gruntal & Co., Ryan, Beck & Co., Janney Montgomery Scott and Wells Fargo Advisors in East Brunswick, New Jersey from September 2006 until November 2015. He has three customer disputes against him, one of which is currently pending. If you invested money with Robert Tuffy, please call our Chicago-based securities law firm today to speak to an attorney to discuss your options of bringing a claim against Wells Fargo for failing to properly supervise its registered representatives. We take cases on a contingency fee basis only.
Mark McLaughlin, a Westover, Alabama mayor was recently and permanently barred from selling securities by the Financial Industry Regulatory Authority (FINRA) and the Alabama Securities Commission. Both entities alleged that McLaughlin engaged in unethical trading practices between 2010 and 2012. Between September 1989 through October 2012, he had served as a registered securities broker with multiple firms, including with Securities America Inc. He has been the mayor of Westover since 2004.
On November 8, 2013, the Alabama Securities Commission ordered McLaughlin to be “barred from further offers or sales of any security into, within or from the state of Alabama.” The commission is a state governmental agency regulating the securities industry in Alabama. This came after the investigation into whether McLaughlin may have committed several violations of the Alabama Securities Act. The ASC alleged that McLaughlin executed a total of 1,009 trades in his 10 most active accounts during the time period between August 1, 2011 until August 31, 2012. One of his clients paid $1,980.63 in commissions in February 2012 alone and had a turnover measure of 831 for a one-year period, which is high.
In November 2014, FINRA enacted a permanent bar on McLaughlin, who previously entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA, which claimed that he had engaged in excessive trading and had recommended unsuitable short-term trading of A-share mutual funds. A client alleged that losses in his account were caused by excessive trading. This is also against securities rules and regulations.