Sarasota Rep Fined and Suspended by FINRA for Unapproved PIPE Transactions

Posted on November 30th, 2015 at 9:12 AM

From the Desk of Jim Eccleston at Eccleston Law LLC:

Harry Hammond accepted the sanctions and initial findings that he was involved in private securities transactions without the approval of his firm. He was fined $10,000 and suspended from all FINRA member association for 12 months.

According to FINRA’s disciplinary reports, Hammond advised clients to invest in a private investment company specializing in private investment in public equity (PIPE) without his firm’s approval. The clients Hammond referred invested a total of more than $4 million in the product. His wife, and administrative assistant, was paid $18,000 by the unapproved investment company.

After investigation, the SEC sued the private investment company for misappropriation of funds, misrepresentations, and failure to maintain required records. The company was placed into receivership and Hammond’s wife since has returned the $18,000. The investor losses have yet to be determined.

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: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston, FINRA, Eccleston

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Marci M.


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