FINRA announced it would be suspending registered representative Marc Winters for 90 days for doctoring information on their member firm’s books to contain incorrect information. Though FINRA’s most recent decision was announced in September 2009, the investigation stems from a 2006 investigation from the National Investigation of Securities Dealers.
According to FINRA’s full disciplinary report of Winters, the broker was found to have altered records relating to mutual fund transactions so that some of his clients would listed as disabled, thus improperly saving money on fees. In addition to withholding fees from mutual fund distributors, Winters involved customers in a scheme to violate FINRA ethics rules. This alleged activity occurred while Winters worked at UBS Financial Services, and he was terminated for violating the firm’s rules in 2004.
In addition to his suspension, Winters was ordered to pay $19,882 in fines to FINRA. He has worked for Wedbush Morgan Securities since August 2004, and will be allowed to resume his duties after the suspension concludes in December 2009.
We are currently investigating Mr. Winters. If you or an organization with which you are affiliated have entrusted your money to Mr. Winters, we would like to hear from you.
FURTHER READING
In September 2009, FINRA suspended Marc Winters for 90 days, barring him from working with any registered firm during that time. FINRA issued the following report regarding disciplinary actions relating to Marc Winters:
Lisa Ann Tomiko Nouchi (CRD #2367719, Registered Representative, Fairfield, California) and Marc Winters (CRD #4053113, Registered Representative, Chatsworth,
California) were suspended from association with any FINRA member in any capacity for 90 days. Nouchi and Winters were also fined $10,000 and $19,882, respectively. The NAC imposed the sanctions following an appeal of an OHO decision. The sanctions were based on findings that Nouchi and Winters caused their member firms’ books and records to contain inaccurate information about customers selling Class B mutual fund shares by entering sales charge waivers for those customers that falsely represented that these customers were disabled. Nouchi’s suspension is in effect from October 5, 2009, through January 2, 2010, and Winters’ suspension is in effect from September 21, 2009, through December 19, 2009. (FINRA Cases #E102004083705/E102004083704)
