Donald Richard Dahn, a Former Mutual Service Corporation broker located in Palm City, Florida, submitted a letter of acceptance, waiver, and consent in which he was suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity for six months. Due to Mr. Dahn's financial situation, no fine was imposed. Mr. Dahn consented to the sanction and to the entry of findings that he borrowed a total of $240,900 in business loans from customers, for operating expenses for a company Mr. Dahn and his brother operated, but he failed to disclose the loans to his member firm. FINRA's findings stated that in two of the cases, Mr. Dahn co-signed promissory notes executed on behalf of the customers even though the firm's written supervisory procedures prohibited borrowing money from customers. Mr. Dahn failed to repay the loans to the customers, which his firm ultimately reimbursed.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages can bring forth claims to recover losses against Mutual Service Corporation due to Mr. Dahn's failure to disclose and promissory note co-signatures, which clearly violated Mutual Service Corporation's written supervisory procedures prohibiting such activity.
Have you suffered losses in your Mutual Service Corporation brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Mutual Service Corporation stockbrokers who may have engaged in misconduct and caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages can bring forth claims to recover losses against Mutual Service Corporation due to Mr. Dahn's failure to disclose and promissory note co-signatures, which clearly violated Mutual Service Corporation's written supervisory procedures prohibiting such activity.
Have you suffered losses in your Mutual Service Corporation brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Mutual Service Corporation stockbrokers who may have engaged in misconduct and caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
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