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



Thank you so very much for your guidance, patience, and expertise.

Beth and Steve K.


May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.


May 15, 2024
NFA Issues Order Against Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.