Former Citi Broker Charged With Outside Business Activity

Posted on May 4th, 2015 at 11:11 AM
Former Citi Broker Charged With Outside Business Activity

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA has accused David Lee Shafranek, a former broker with Citigroup Global Markets, of outside business activity. That is when a broker solicits a client to purchase securities not held or offered by his or her brokerage firm. That kind of activity violates securities regulations.

According to FINRA, Shafranek participated in private securities transactions and solicited at least four Citigroup clients to invest in a digital media start-up company without the approval or knowledge of the bank. Shafranek had been employed with First United Equities Corporation in New York, New York, Citicorp Investment Services in Long Island City, New York, and Banc One Securities Corporation in Chicago, Illinois. He currently is registered with Prospera Financial Services, Inc. in White Plains, New York.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: FINRA, David Lee Shafranek, Citigroup Global Markets

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Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.


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