Pruco Securities Broker Engaged in Outside Business Activities

Posted on February 20th, 2015 at 10:40 AM
Pruco Securities Broker Engaged in Outside Business Activities

From the Desk of Jim Eccleston at Eccleston Law Offices:

According to FINRA reports, Terry J. Bagwell, a broker with Pruco Securities, is being subject to multiple customer complaints and arbitrations as a result of allegedly being engaged in the sale of unregistered securities, which may have been a Ponzi scheme.

Brokerage firms like Pruco Securities must strictly supervise stockbrokers like Terry Bagwell to ensure that they follow FINRA rules and only sell securities approved by the firm. In cases where a stockbroker sells securities not-approved by the firm, the brokerage firm itself may be held liable for “selling away” if investors suffer losses in unapproved investments. Regulators routinely bring enforcement actions against not only reps but also increasingly against supervisors. 

The attorneys of Eccleston Law Offices 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, Ponzi scheme, securities, Eccleston Law

Return to Archive

TESTIMONIALS

Previous
Next

If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

August 8, 2022
SEC Files Suit Against Georgia Advisor Over Misappropriation of Client Funds

The Securities and Exchange Commission (SEC) is filing suit against a Georgia-based advisor, Christopher Burns, who allegedly misappropriated client funds.

August 5, 2022
SEC Fines RIA $5.8 Million Over 12b-1 Fee Infractions Tied to Wrap Accounts

The Securities and Exchange Commission (SEC) has imposed a $5.8 million fine against Private Advisor Group over 12b-1 fee violations tied to its wrap fee program. 

August 4, 2022
North Dakota Regulators Seek to Close Down Advisory Firm Selling Crypto and Weed Products

The North Dakota Securities Commissioner’s office is seeking to shut down a small West Fargo-based registered investment adviser (RIA) after its owner allegedly violated state securities laws and improperly took custody of $17.8 million in client funds beginning in 2017.