The investment lawyers of Gana LLP are investigating the allegations made by The Financial Industry Regulatory Authority against broker Ann Comcowich (Comcowich). According to the broker’s file on FINRA’s BrokerCheck, Comcowich allegedly refused to provide the proper documentation and information to FINRA that was necessary during an ongoing investigation regarding an amended Form U5 that was filed by her former firm. During her employment at Prudential, Comcowich was allegedly suspected of processing 13 unauthorized withdrawals from customer accounts. In April 2017, due to these allegations, Comcowich was barred from holding any registration capacities in FINRA.
Comcowich entered the industry in 1999 and had 16 years of experience as a registered broker. Before being barred, she was employed at Prudential Investment Management Services LLC from March 2000 to November 2016.
The term “securities fraud” covers a range of illegal activities involving the deception of investors or the manipulation of the financial markets. Fraud includes false representations, unauthorized trading, value manipulation, and Ponzi schemes. Investors are protected against fraudulent securities activities by several different civil laws.
First, the Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.) and Rule 10b-5 protect investors against deceptive and manipulative acts in the purchase or sale of securities. This sweeping legislation is the cornerstone of federal securities laws. Rule 10b-5 makes it unlawful to employ a device or scheme to defraud, to make any untrue statement of material fact or omit to state a material fact not misleading, or to engage in any practice that would operate as a fraud.