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

Return to Archive

TESTIMONIALS

Previous
Next

This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.

LATEST NEWS AND ARTICLES

October 15, 2021
FINRA Bars Former LPL Advisor Who Allegedly Misappropriated Elderly Client’s Funds

The Financial Industry Regulatory Authority (FINRA) has barred a former LPL advisor who allegedly misappropriated a senior client’s funds and subsequently failed to cooperate in FINRA’s investigation.

October 14, 2021
NASAA Targets Unpaid Arbitration Awards With Proposed New Model Rules

The North American Securities Administrators Association (NASAA) has proposed new rules in an attempt to reduce the large number of arbitration awards that go unpaid to investors who prevail as claimants in arbitration proceedings.

October 13, 2021
SEC Freezes Assets and Halts Alleged Fraudulent Scheme By Ron Harrison

The Securities and Exchange Commission (SEC) has obtained an emergency court order freezing the assets of Ron Harrison, who allegedly operated an ongoing fraudulent scheme.