FINRA Bars Bradley Tennison for Alleged Selling Away Practices

shutterstock_173864537-300x200The investment attorneys at Gana Weinstein LLP are currently investigating previously registered broker Bradley Tennison (Tennison). According to BrokerCheck Records, the Financial Industry Regulative Authority (FINRA) barred Tennison indefinitely from the financial industry for failing to appear to an on the record testimony regarding an investigation of Tennison’s outside business activities at Geneos Wealth Management, Inc. (Geneos Wealth Management). In addition, Tennison has been subject to three customer disputes, one of which is still pending. The majority of these disputes involve unsuitable limited partnerships and selling away. Tennison has also been subject to termination from two firms of employment.

In April 2018, a customer alleged that in 2016, Tennison recommended a former client to invest $300,000 in “The Joseph Project”, which he represented to be a 12 month investment with 5 % returns. The customer never received any statements or returns on her principal payment. The customer has requested $300,000 in damages. This dispute is currently still pending.

Subsequently, in April 2018, Tennison was terminated from Geneos Wealth Management for failing to be in compliance with the firm’s policies and regulations regarding outside business activities and selling away.

In July 2018, FINRA found that Tennison was in violation of FINRA Rules 8210 and 2010 for failing to show up to an on-the-record testimony regarding the customer complaint alleging selling away at Geneos Wealth Management. Without admitting or denying the findings, Tennison consented to the sanction and to the entry of findings. Consequently, Tennison was barred from the financial industry. The extent of Tennison’s outside business activities is still unclear.

Selling away occurs when a broker solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm. All FINRA member firms are obligated to properly monitor and supervise its employees so that brokers don’t recommend investments to clients in this fashion. In order to properly supervise their brokers, each firm is required to have procedures in order to monitor the activities of each advisor’s activities and interactions with the public.

Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct including selling away. In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.

Tennison entered the securities industry in March 1989. From August 2005 to April 2018, Tennison was registered with Geneos Wealth Management. From March 2004 to August 2005, Tennison was registered with Oberlin Financial Corp. From September 2000 to April 2004, Tennison was registered with First Allied Securities, Inc. From January 1992 to October 2000, Tennison was registered with D.E. Frey & Company, Inc. Tennison is currently not registered with any firm.

Gana Weinstein LLP’s investment fraud attorneys represent investors who have suffered securities losses due to the mishandling of their accounts due to claims of selling away and firm’s failure to supervise. The majority of these claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.