According to the Financial Industry Regulatory Authority (FINRA) Lennie Simmons Freiman was fined $75,000 and barred from association with any FINRA member in a principal capacity. FINRA accused Freiman of failing to develop, maintain and enforce a supervisory system reasonably tailored to the firm’s business model, allowing many of its representatives to recommend an unsuitable active trading investment strategy that the reps did not understand and which caused significant financial losses to customers, while generating substantial profits for Freiman and other brokers. FINRA also accused Freiman of failing to monitor for, detect and, when, detected, investigate multiple instances of potential misconduct by the firm’s brokers involving unsuitable active trading investment strategies, unsuitable ETFs, discretionary trading without written authorization and excessive trading/churning in multiple customer accounts. Freiman allegedly did not take steps to monitor for churning. This is against securities rules and regulations.
Mr. Freiman was registered with Vining-Sparks Securities, Morgan Keegan, IBAA Securities Corp, College & University Securities Corp, Emmett A Larkin Company Inc. and Caldwell International Securities in Fischer, Texas from March 2001 until March 2016. He is not licensed and has been barred from the industry. Please call today in order to speak with one of our attorneys about your options of recovering investment losses in the FINRA arbitration forum on a contingency fee basis.
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