Securities Lawyers Blog
According to BrokerCheck records financial advisor Joseph Yanofsky (Yanofsky), currently associated with First Financial Equity Corporation (First Financial), has been subject to eight customer complaints, one regulatory action, and one employment separation for cause. According to records kept by The Financial Industry Regulatory Authority (FINRA) Yanofsky has been accused by customers of unauthorized trading, unsuitable trading, and misrepresentations among other claims.
In 2015 Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch) terminated Yanofsky alleging that the broker exercised discretion in discretionary accounts and provided inaccurate responses to the firm. Thereafter, FINRA sanctioned Yanofsky in September 2017 findings that he exercised discretion in customer accounts without written authorization to do so. The findings stated that Yanofsky’s exercise of discretion occurred in connection with certain of his member firm’s syndicate equity offerings. FINRA found that Yanofsky’s customers verbally expressed their general desire and authorization to participate syndicate offerings however their verbal authorization to participate in every syndicate offering was never reduce to writing.