Florida Broker Barred After Failure to Cooperate With FINRA Investigation
Mark Andrew Tudor (CRD#: 2842516) is a previously registered securities broker and investment advisor (RIA). From June of 2014 to October of 2018, Mr. Tudor was employed at Raymond James Financial Services in Lake Mary, Florida. Previously, this representative was also associated with Morgan Keegan & Company (Winter Garden, FL) and Wachovia Securities (Orlando, FL).
Recently, Mark Tudor was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) after he declined to provide information that was requested and failed to cooperate with an official inquiry into allegations of misconduct. Specifically, FINRA was seeking information related to allegations that this broker was engaged in the selling away of securities that were not offered by his member firm.
Employment Separation After Allegations of Misconduct
In 2018, Raymond James Financial Services discharged representative Mark Andrew Tudor after allegations that he improperly introduced clients to investments away from the oversight of the firm. Known more simply as ‘selling away’, this type of conduct is a violation of securities industry regulations, including FINRA Rule 3040. Brokercheck indicates that Raymond James Financial Services states that Mr. Tudor was “not helpful” when he was interviewed by the compliance department of the firm regarding this matter.
Notably, an investor filed a complaint in relation to this matter. On September 28th, 2018, a customer of Raymond James accused former registered representative Mark Tudor of improper selling away, broker negligence, breach of fiduciary duty, fraud, material misrepresentations, and omission of material information. Eventually, the claim against this broker was settled for $40,000 in financial compensation.
Barred Broker: Failure to Respond to FINRA Inquiry
Registered brokers and investment advisors have a professional duty to provide information to FINRA if requested to do so as part of an investigation. When a financial advisor leaves their member firm, the broker-dealer is generally required to submit a Form U5. Among other things, this form provides regulators with some basic information regarding why a financial professional left their member firm. In cases where the registered representative is leaving following allegations of misconduct, as occurred in this case, FINRA will usually follow up on the issue.
Mark Tudor failed to respond to any requests from FINRA for additional information. In addition, he failed to take the necessary measures to stop his license from being suspended. In accordance with FINRA Rule 9552(h), Mr. Tudor has now been barred from associating with any FINRA member firm in any professional capacity.
Get Help From Our Miami Selling Away Attorneys Today
At Carlson & Associates, P.A., our Miami investment fraud lawyers are passionate advocates for investor rights. If you lost money because your financial advisor sold securities or financial products that were not offered by their member firm, we are here to help. To get a fully private review of your securities fraud claim, please call our Miami law office today at (305) 372-9700. We represent investors in Miami-Dade County, Palm Beach County, and throughout the state of Florida and beyond.
Resource:
brokercheck.finra.org/individual/summary/2842516
https://www.carlson-law.net/florida-finra-arbitration-panel-awards-150000-to-pair-of-investors/
