North Carolina Financial Services Executives Face FINRA Over Investment Misconduct
One NC Representative Suspended as Another Banned by FINRA
Two North Carolina financial services executives face FINRA sanctions after two separate FINRA investigations revealed alleged misconduct.
In a Jan. disciplinary action, FINRA stated that Sean K. Hannon, of Cary, North Carolina, had failed to appear for on-the-record testimony in two different arbitration cases filed against him by investors. In both cases, investors accused Hannon of making unsuitable recommendations and excessive trades, and of omitting material facts. One set of investors also accused him of providing them with false account summaries.
FINRA reviewed the facts of the arbitration cases against Hannon, and then requested Hannon’s testimony. According to FINRA’s Order, Hannon failed to provide testimony in either case. As penalty, he has been barred permanently from association with any FINRA member in any capacity.
John Herman Fick, a registered representative in Fuquay-Varina, North Carolina, received a FINRA sanction this year for allegedly signing customers’ names to insurance documents without their knowledge or consent. According to FINRA, Fick’s actions occurred at least two separate times during which he was associated with two different firms. As penalty, Fick has been fined $5,000 and suspended from association with any FINRA member in any capacity for a period of 18 months.
Both Hannon and Fick signed consent agreements, in which they accepted FINRA sanctions but neither admitted nor denied any wrongdoing. The agreements were made public in FINRA’s June listing of disciplinary actions. For additional information, click here.