Former Broker Jeffery Fanning Suspended From Industry By FINRA

Former Liberty Partners Financial Services broker Jeffery Fanning was recently suspended from the securities industry for six months by the Financial Industry Regulatory Authority (FINRA). Fanning allegedly failed to reasonably supervise potential excessive trading by other representatives at the firm. Fanning agreed to pay a fine of $20,000 and was suspended for six months in all capacities by FINRA because of this misconduct. Churning, or excessive trading is a particularly egregious form of broker misconduct, because the broker trades in and out of securities, sometimes within the same day. This can lead to large commissions for the broker, but unnecessary fees for the client. It is against securities laws and internal firm rules. Jeffery Alan Fanning, according to FINRA records online, was previously registered with Kennedy, Cabot & Co., Rowland, Simon & Co., Stifel, Nicolaus & Company, Inc., Wilshire Discount Securities, Thomas F. White, Midwest Discount…

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