Florida Broker Barred For Converting Charitable Donations
Roderick Len Whited (CRD#: 2663822) is a previously registered broker and previously registered investment adviser (RIA). From April of 2016 through February of 2020, Mr. Whited was associated with Northwestern Mutual Investment Services. Subsequently, he served as a representative of Intercarolina Financial Services. At both firms, Mr. Whited was based in Gainesville, Florida.
On November 15th, 2021, the Financial Industry Regulatory Authority (FINRA) announced the indefinite bar of Roderick Len Whited from the securities industry following an investigation into alleged conversion of charitable funds (NO. 2020065505201). In this article, our Miami financial advisor fraud lawyers discuss the allegations against the former broker-dealer.
Barred Broker: Roderick Len Whited Formerly of Northwestern Mutual Investment Services
The Allegations
In January of 2020, financial advisor Roderick Len Whited was separated from his employment at Northwestern Mutual Investment Services following allegations of misconduct. Mr. Whited was permitted to resign after the broker-dealer discovered that he allegedly misused funds raised for a charitable organization at an event he organized in September of 2017.
Upon learning that he had been terminated by the brokerage firm, FINRA launched its own investigation into the allegations of misconduct raised against Mr. Whited. The independent regulatory agency determined he improperly converted $44,170 in funds meant for a charitable organization focused on fighting pediatric cancer. The charitable donations were raised as part of an event that Mr. Whited organized on behalf of the brokerage firm. Notably, Mr. Whited did repay the funds after his brokerage firm discovered the matter.
Violation of FINRA Rule 2010
Securities industry regulations are in place to help ensure that investors can trust brokers and brokerage firms. Under FINRA Rule 2010, all registered representatives are required to uphold high standards of commercial honor. Rule 2010 is one of the broadest regulations in the securities industry. It grants FINRA significant power to take enforcement action against broker misconduct.
Conversion of funds—meaning taking money that belongs to another person/entity—is a clear violation of the rule. In this case, FINRA determined that the conversion of charitable donations by former Northwestern Mutual Investment Services Roderick Len Whited constitutes a violation of FINRA Rule 2010.
Financial Advisor Sanctions
When a registered representative or associated person violates FINRA Rule 2010, the agency has the authority to impose the appropriate penalties. Without admitting or denying any wrongdoing, former Florida investment adviser Roderick Len Whited consented to FINRA’s proposed penalties, including an indefinite bar from associating with any FINRA member firm in any capacity.
Get Help From a Broker Misconduct Lawyer in Southeastern Florida
At Carlson & Associates, P.A., our Miami, FL financial advisor fraud lawyers have the professional expertise that you can rely on. If you or your family member lost money due to the improper actions of a securities broker, we are here to help you fight for financial compensation. Contact our legal team today for a completely confidential assessment of your FINRA arbitration case. Our law firm represents investors in Miami, South Florida, and beyond.
Resources:
finra.org/sites/default/files/fda_documents/2020065505201%20Roderick%20Len%20Whited%20CRD%202663822%20AWC%20rrm.pdf
brokercheck.finra.org/individual/summary/2663822