jill m cody - finrajill m. cody crd# 4333419 this broker is not currently registered. report summary...
TRANSCRIPT
BrokerCheck Report
JILL M CODY
Section Title
Report Summary
Broker Qualifications
Registration and Employment History
Disclosure Events
CRD# 4333419
1
2 - 3
5 - 6
7
Page(s)
About BrokerCheck®
BrokerCheck offers information on all current, and many former, registered securities brokers, and all current and formerregistered securities firms. FINRA strongly encourages investors to use BrokerCheck to check the background ofsecurities brokers and brokerage firms before deciding to conduct, or continue to conduct, business with them.
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JILL M. CODY
CRD# 4333419
This broker is not currently registered.
Report Summary for this Broker
This report summary provides an overview of the broker's professional background and conduct. Additionalinformation can be found in the detailed report.
Disclosure Events
All individuals registered to sell securities or provideinvestment advice are required to disclose customercomplaints and arbitrations, regulatory actions,employment terminations, bankruptcy filings, andcriminal or civil judicial proceedings.
Are there events disclosed about this broker? Yes
The following types of disclosures have beenreported:
Type Count
Regulatory Event 3
Customer Dispute 10
Investment Adviser RepresentativeInformation
https://www.adviserinfo.sec.gov
The information below represents the individual'srecord as a broker. For details on this individual'srecord as an investment adviser representative,visit the SEC's Investment Adviser PublicDisclosure website at
Broker Qualifications
This broker is not currently registered.
This broker has passed:
0 Principal/Supervisory Exams
2 General Industry/Product Exams
1 State Securities Law Exam
Registration History
This broker was previously registered with thefollowing securities firm(s):
CONCORDE INVESTMENT SERVICES, LLCCRD# 151604SPRING LAKE, NJ01/2013 - 08/2016
B
WESTMINSTER FINANCIAL SECURITIES,INC.CRD# 20677PROVIDENCE, RI12/2012 - 01/2013
B
COLUMBIA MANAGEMENT INVESTMENTDISTRIBUTORS, INC.CRD# 840BOSTON, MA05/2010 - 05/2012
B
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Broker Qualifications
Registrations
This section provides the self-regulatory organizations (SROs) and U.S. states/territories the broker is currently registered and licensed with, thecategory of each license, and the date on which it became effective. This section also provides, for every brokerage firm with which the broker iscurrently employed, the address of each branch where the broker works.
This broker is not currently registered.
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Broker Qualifications
Industry Exams this Broker has Passed
This individual has passed 0 principal/supervisory exams, 2 general industry/product exams, and 1 state securities law exam.
This section includes all securities industry exams that the broker has passed. Under limited circumstances, a broker may attain a registrationafter receiving an exam waiver based on exams the broker has passed and/or qualifying work experience. Any exam waivers that the broker hasreceived are not included below.
Exam Category Date
Principal/Supervisory Exams
No information reported.
Exam Category Date
General Industry/Product Exams
Securities Industry Essentials Examination 08/05/2016SIEB
General Securities Representative Examination 06/01/2001Series 7B
Exam Category Date
State Securities Law Exams
Uniform Combined State Law Examination 12/08/2008Series 66B IA
Additional information about the above exams or other exams FINRA administers to brokers and other securities professionals can be found atwww.finra.org/brokerqualifications/registeredrep/.
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Broker Qualifications
Professional Designations
This section details that the representative has reported 0 professional designation(s).
No information reported.
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Registration and Employment History
Registration History
Registration Dates Firm Name CRD# Branch Location
The broker previously was registered with the following firms:
B 01/2013 - 08/2016 CONCORDE INVESTMENT SERVICES, LLC 151604 SPRING LAKE, NJ
B 12/2012 - 01/2013 WESTMINSTER FINANCIAL SECURITIES,INC.
20677 PROVIDENCE, RI
B 05/2010 - 05/2012 COLUMBIA MANAGEMENT INVESTMENTDISTRIBUTORS, INC.
840 BOSTON, MA
B 10/2008 - 05/2010 COLUMBIA MANAGEMENT DISTRIBUTORS,INC.
30683 BOSTON, MA
B 03/2007 - 10/2008 PARK AVENUE SECURITIES LLC 46173 MANASQUAN, NJ
B 06/2001 - 09/2006 MERRILL LYNCH, PIERCE, FENNER &SMITH INCORPORATED
7691 NEW YORK, NY
Employment History
Employment Employer Name Investment RelatedPosition Employer Location
This section provides up to 10 years of an individual broker's employment history as reported by the individual broker on the most recently filedForm U4.
Please note that the broker is required to provide this information only while registered with FINRA or a national securities exchangeand the information is not updated via Form U4 after the broker ceases to be registered. Therefore, an employment end date of"Present" may not reflect the broker's current employment status.
01/2013 - Present CONCORDE ASSET MANAGEMENT, LLC INVESTMENTADVISORREPRESENTATIVE
Y TROY, MI, United States
01/2013 - Present CONCORDE INVESTMENT SERVICES,LLC
REGISTEREDREPRESENTATIVE
Y TROY, MI, United States
11/2012 - 01/2013 WESTMINSTER FINANCIAL SECURITIES FINANCIAL ADVISOR Y VANDALIA, OH, UnitedStates
05/2012 - 11/2012 UNEMPLOYED UNEMPLOYED N SPRING LAKE, NJ, UnitedStates
05/2010 - 05/2012 RIVERSOURCE FUND DISTRIBUTORS,INC.
MASS TRANSFER Y BOSTON, MA, United States
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Registration and Employment History
Employment History, continued
Employment Employer Name Investment RelatedPosition Employer Location
05/2010 - 05/2012 RIVERSOURCE INVESTMENTS MASS TRANSFER Y MINNEAPOLIS, MN, UnitedStates
10/2008 - 05/2012 COLUMBIA MANAGEMENT ADVISORS,LLC
REGISTEREDADVISOR
Y BOSTON, MA, United States
10/2008 - 05/2012 COLUMBIA MANAGEMENT GROUP PRODUCTSPECIALIST
Y BOSTON, MA, United States
Other Business Activities
This section includes information, if any, as provided by the broker regarding other business activities the broker is currently engaged in either asa proprietor, partner, officer, director, employee, trustee, agent or otherwise. This section does not include non-investment related activity that isexclusively charitable, civic, religious or fraternal and is recognized as tax exempt.
1) BOSTON INVESTMENT PARTNERS. FINANCIAL ADVISOR. START DATE JANUARY 2013. DBA FOR SECURITIES BUSINESS. SPRINGLAKE, NJ.
2) INVESTMENT ADVISOR REP WITH CONCORDE ASSET MANAGEMENT. START DATE JANUARY 2013. INVESTMENT RELATED.SALES AND SERVICE. SPRING LAKE, NJ. FULL TIME DURING BUSINESS HOURS.
3) LIFE/HEALTH INSURANCE SALES THROUGH DBA BOSTON INVESTMENT PARTNERS. SPRING LAKE, NJ. NON INVESTMENTRELATED. 1-5 HOURS/MONTH DURING BUSINESS HOURS.
4) Concorde Insurance Agency; SPRING LAKE, NJ. Insurance Agent; provide insurance services to clients when appropriate. No client conflict.
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Disclosure Events
What you should know about reported disclosure events:
1. All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations,regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings.
2. Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a broker is required to disclose a particular criminal event. o A customer dispute must involve allegations that a broker engaged in activity that violates certain rules or conduct governing the
industry and that the activity resulted in damages of at least $5,000. o
3. Disclosure events in BrokerCheck reports come from different sources: o As mentioned at the beginning of this report, information contained in BrokerCheck comes from brokers, brokerage firms and
regulators. When more than one of these sources reports information for the same disclosure event, all versions of the event willappear in the BrokerCheck report. The different versions will be separated by a solid line with the reporting source labeled.
o4. There are different statuses and dispositions for disclosure events:
o A disclosure event may have a status of pending, on appeal, or final.§ A "pending" event involves allegations that have not been proven or formally adjudicated.§ An event that is "on appeal" involves allegations that have been adjudicated but are currently being appealed.§ A "final" event has been concluded and its resolution is not subject to change.
o A final event generally has a disposition of adjudicated, settled or otherwise resolved.§ An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter, or (2) an administrative
panel in an action brought by a regulator that is contested by the party charged with some alleged wrongdoing.§ A "settled" matter generally involves an agreement by the parties to resolve the matter. Please note that brokers and
brokerage firms may choose to settle customer disputes or regulatory matters for business or other reasons.§ A "resolved" matter usually involves no payment to the customer and no finding of wrongdoing on the part of the
individual broker. Such matters generally involve customer disputes.
For your convenience, below is a matrix of the number and status of disclosure events involving this broker. Further informationregarding these events can be found in the subsequent pages of this report. You also may wish to contact the broker to obtain furtherinformation regarding these events.
Final On AppealPending
Regulatory Event 0 3 0
Customer Dispute 1 9 N/A
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Disclosure Event Details
When evaluating this information, please keep in mind that a discloure event may be pending or involve allegations that are contested and havenot been resolved or proven. The matter may, in the end, be withdrawn, dismissed, resolved in favor of the broker, or concluded through anegotiated settlement for certain business reasons (e.g., to maintain customer relationships or to limit the litigation costs associated with disputingthe allegations) with no admission or finding of wrongdoing.
This report provides the information exactly as it was reported to CRD and therefore some of the specific data fields contained in the report maybe blank if the information was not provided to CRD.
Regulatory - Final
This type of disclosure event may involve (1) a final, formal proceeding initiated by a regulatory authority (e.g., a state securities agency, self-regulatory organization, federal regulatory such as the Securities and Exchange Commission, foreign financial regulatory body) for a violation ofinvestment-related rules or regulations; or (2) a revocation or suspension of a broker's authority to act as an attorney, accountant, or federalcontractor.
Disclosure 1 of 3
Reporting Source: Regulator
Regulatory Action InitiatedBy:
FINRA
Sanction(s) Sought: Suspension
Date Initiated: 03/28/2019
Docket/Case Number: 17-02035
Employing firm when activityoccurred which led to theregulatory action:
N/A
Product Type: No Product
Allegations: Respondent Cody failed to comply with an arbitration award or settlementagreement or to satisfactorily respond to a FINRA request to provide informationconcerning the status of compliance.
Current Status: Final
Resolution: Letter
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
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Resolution Date: 03/28/2019
Sanctions Ordered:
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Suspension
If the regulator is the SEC,CFTC, or an SRO, did theaction result in a finding of awillful violation or failure tosupervise?
No
(1) willfully violated anyprovision of the SecuritiesAct of 1933, the SecuritiesExchange Act of 1934, theInvestment Advisers Act of1940, the InvestmentCompany Act of 1940, theCommodity Exchange Act, orany rule or regulation underany of such Acts, or any ofthe rules of the MunicipalSecurities Rulemaking Board,or to have been unable tocomply with any provision ofsuch Act, rule or regulation?
(2) willfully aided, abetted,counseled, commanded,induced, or procured theviolation by any person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any of suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board? or
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Regulator Statement Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554,Respondent Cody is suspended on March 28, 2019, for failure to comply with anarbitration award or settlement agreement or to satisfactorily respond to a FINRArequest to provide information concerning the status of compliance.
(2) willfully aided, abetted,counseled, commanded,induced, or procured theviolation by any person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any of suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board? or
(3) failed reasonably tosupervise another personsubject to your supervision,with a view to preventing theviolation by such person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board?
Capacities Affected: All capacities
Duration: Indefinite
Start Date: 03/28/2019
End Date:
Sanction 1 of 1
Sanction Type: Suspension
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Regulator Statement Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554,Respondent Cody is suspended on March 28, 2019, for failure to comply with anarbitration award or settlement agreement or to satisfactorily respond to a FINRArequest to provide information concerning the status of compliance.
Disclosure 2 of 3
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Reporting Source: Regulator
Regulatory Action InitiatedBy:
New Jersey Bureau of Securities
Sanction(s) Sought: Revocation
Date Initiated: 12/12/2017
Docket/Case Number: N/A
URL for Regulatory Action: http://www.njconsumeraffairs.gov/Actions/Cody_Jill_Revocation_12DEC17.pdf
Employing firm when activityoccurred which led to theregulatory action:
Concorde Investment Services, LLC (CRD No. 151604)and Concorde AssetManagement (CRD # 140367)
Product Type: No Product
Allegations: CODY IS THE SUBJECT OF AN ORDER OF A SELF-REGULATORYORGANIZATION EXPELLING HER FROM A SELF-REGULATORYORGANIZATION.
Current Status: Final
Resolution: Order
Resolution Date: 12/12/2017
Sanctions Ordered:
Regulator Statement Having consented to a bar from association with any FINRA member, Cody haseffectively been expelled from a self-regulatory organization. This is cause,pursuant to N.J.S.A. 49:3-58(a)(2)(vi), to revoke Cody's agent and investmentadviser representative registrations. Based upon the foregoing, and pursuant toN.J.S.A. 49:3-58(a)(1), the revocation of Cody's registrations as an agent andinvestment adviser representative and certain exemptions is in the public interest.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
RevocationOther: The agent and investment adviser representative registrations of Jill M.Cody be REVOKED; and further Cody is denied all exemptions contained inN.J.S.A. 49:3-50 subsections (a) paragraph 9, 10, and 11 and subsection (b); andfurther, the exemptions to the registration requirements provided by N.J.S.A. 49:3-56(b), N.J.S.A. 49:3-56(c) and N.J.S.A. 49:3-56(g) are hereby revoked.
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Regulator Statement Having consented to a bar from association with any FINRA member, Cody haseffectively been expelled from a self-regulatory organization. This is cause,pursuant to N.J.S.A. 49:3-58(a)(2)(vi), to revoke Cody's agent and investmentadviser representative registrations. Based upon the foregoing, and pursuant toN.J.S.A. 49:3-58(a)(1), the revocation of Cody's registrations as an agent andinvestment adviser representative and certain exemptions is in the public interest.
Disclosure 3 of 3
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Reporting Source: Regulator
Regulatory Action InitiatedBy:
FINRA
Sanction(s) Sought: Other: N/A
Date Initiated: 02/23/2017
Docket/Case Number: 2016051816301
Employing firm when activityoccurred which led to theregulatory action:
Concorde Investment Services, LLC
Product Type: No Product
Allegations: Without admitting or denying the findings, Tramontano consented to the sanctionand to the entry of findings that she permitted another individual, who had beensuspended by FINRA, to engage in securities business while suspended. Thefindings stated that the individual chose not to inform most of his customers that hewas going to be suspended; instead, he told his customers that Tramontano wouldbe working with him. Over the next year, Tramontano was aware that the individualcontinued to engage in the securities industry while suspended by, among otherthings, communicating with customers, making securities recommendations tothem, and placing trades on their behalf. Indeed, the individual, by usingTramontano as the broker of record, was able to continue to act as a registeredrepresentative, unabated, in nearly all respects during his year-long suspension.
Current Status: Final
Resolution: Acceptance, Waiver & Consent(AWC)
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
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Resolution Date: 02/23/2017
Sanctions Ordered: Bar (Permanent)
If the regulator is the SEC,CFTC, or an SRO, did theaction result in a finding of awillful violation or failure tosupervise?
No
(1) willfully violated anyprovision of the SecuritiesAct of 1933, the SecuritiesExchange Act of 1934, theInvestment Advisers Act of1940, the InvestmentCompany Act of 1940, theCommodity Exchange Act, orany rule or regulation underany of such Acts, or any ofthe rules of the MunicipalSecurities Rulemaking Board,or to have been unable tocomply with any provision ofsuch Act, rule or regulation?
(2) willfully aided, abetted,counseled, commanded,induced, or procured theviolation by any person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any of suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board? or
(3) failed reasonably tosupervise another personsubject to your supervision,with a view to preventing theviolation by such person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board?
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(3) failed reasonably tosupervise another personsubject to your supervision,with a view to preventing theviolation by such person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board?
Capacities Affected: All Capacities
Duration: Indefinite
Start Date: 02/23/2017
End Date:
Sanction 1 of 1
Sanction Type: Bar (Permanent)
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Customer Dispute - Award / Judgment
This type of disclosure event involves a final, consumer-initiated, investment-related arbitration or civil suit containing allegations of sales practiceviolations against the broker that resulted in an arbitration award or civil judgment for the customer.
Disclosure 1 of 1
Reporting Source: Regulator
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Concorde Investment Services, LLC; Westminster Financial Securities, Inc.;Westminster Financial Advisory Corp.
Cody was named in a customer complaint that asserted the following causes ofaction: violation of federal and state laws; negligence; breach of fiduciary duty;unsuitability; failure to supervise; mismanagement; fraud; deceit; and violation ofFINRA Rules 2111 and 2310.
Product Type: Other: Various securities
Alleged Damages: $144,000.00
Arbitration/Reparation Claimfiled with and Docket/CaseNo.:
FINRA - CASE #17-02035
Date Notice/Process Served: 08/01/2017
Arbitration Pending? No
Disposition: Award
Disposition Date: 11/20/2018
Disposition Detail: Respondent Cody is jointly and severally liable for and shall pay to Claimant thesum of $286,096.00 in compensatory damages.
Regulator Statement This award has not been paid by or on behalf of Jill Cody as of March 28, 2019.
Arbitration Information
iReporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc and Concorde
The client alleges fraud, deceit and mismanagement of accounts.
Product Type: No Product
Alleged Damages: $5,000.00
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Date Notice/Process Served: 08/11/2017
Arbitration Pending? No
Disposition: Award to Customer
Disposition Date: 11/20/2018
Monetary CompensationAmount:
$286,096.00
Arbitration Information
Individual ContributionAmount:
$286,096.00
Alleged Damages AmountExplanation (if amount notexact):
The exact damages are not stated, but the firm believes the alleged damages willexceed $5000.00
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA Arbitration
Docket/Case #: 17-02035
iReporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc. and Concorde Investment Services, LLC.
Clients are alleging forgery, mismanagement, fraud and deceit in relation toinvestment made between 2010 to present.
Product Type: Other: Individual Retirement Account
Alleged Damages: $0.00
Customer Complaint Information
Alleged Damages AmountExplanation (if amount notexact):
Damages are unspecified however firm has made a good faith determination thatdamages alleged exceed $5,000.00.
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
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Date Complaint Received: 11/28/2016
Complaint Pending? No
Status:
Status Date: 08/11/2017
Settlement Amount:
Individual ContributionAmount:
Date Notice/Process Served: 08/11/2017
Arbitration Pending? No
Disposition: Award to Customer
Disposition Date: 11/20/2018
Monetary CompensationAmount:
$286,096.00
Firm Statement Respondent Cody is jointly and severally liable for and shall pay to Claimant thesum of $286,096.00 in compensatory damages.
Customer Complaint Information
Arbitration Information
Individual ContributionAmount:
$286,096.00
Evolved into Arbitration/CFTC reparation (the individual is a named party)
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 17-02035
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Customer Dispute - Settled
This type of disclosure event involves a consumer-initiated, investment-related complaint, arbitration proceeding or civil suit containing allegationsof sale practice violations against the broker that resulted in a monetary settlement to the customer.
Disclosure 1 of 6
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc. and Concorde Investment Services, LLC.
Client is alleging fraud and unauthorized trading relating to activities occurring from2013 to 2016
Product Type: Other: Floating Rate Note
Alleged Damages: $0.00
Date Notice/Process Served: 09/13/2017
Arbitration Pending? No
Disposition: Settled
Disposition Date: 11/12/2018
Monetary CompensationAmount:
$56,000.00
Arbitration Information
Individual ContributionAmount:
$0.00
Alleged Damages AmountExplanation (if amount notexact):
damages unspecified
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 17-02312
Disclosure 2 of 6
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Reporting Source: Firm
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Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities and Concorde
The client alleges fraud, deceit, and mismanagement of accounts.
Product Type: No Product
Alleged Damages: $5,000.00
Date Notice/Process Served: 08/28/2017
Arbitration Pending? No
Disposition: Settled
Disposition Date: 11/06/2018
Monetary CompensationAmount:
$62,500.00
Arbitration Information
Individual ContributionAmount:
$0.00
Alleged Damages AmountExplanation (if amount notexact):
The exact damages are not stated, but the firm believes the alleged damages willexceed $5000.00
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA Arbitration
Docket/Case #: 17-02079
iReporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc. and Concorde Investment Services, LLC.
Clients are alleging mismanagement, fraud, deceit, and unauthorized trading inrelation to investments made between 2011 and 2016.
Product Type: Other: Individual Retirement Account
Alleged Damages: $0.00
Alleged Damages AmountExplanation (if amount notexact):
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Date Complaint Received: 08/23/2017
Complaint Pending? No
Status:
Status Date: 08/02/2018
Settlement Amount: $165,000.00
Individual ContributionAmount:
$0.00
Customer Complaint Information
Settled
Alleged Damages AmountExplanation (if amount notexact):
Damages unspecified but believed to exceed $5,000.
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
Yes
Arbitration/Reparation forumor court name and location:
FINRA
Docket/Case #: 17-02079
Filing date ofarbitration/CFTC reparationor civil litigation:
08/22/2017
Disclosure 3 of 6
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Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc. and Concorde Investment Services, LLC.
Clients are alleging negligence, breach of fiduciary duty, suitability and churning,for activities occurring 2013 to 2016.
Product Type: Equity-OTC
Alleged Damages: $0.00
Alleged Damages AmountExplanation (if amount notexact):
Damages are unspecified however firm has made a good faith determination thatdamages alleged exceed $5,000.00.
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Date Complaint Received: 03/23/2017
Complaint Pending? No
Status:
Status Date: 05/18/2018
Settlement Amount:
Individual ContributionAmount:
Date Notice/Process Served: 05/18/2018
Arbitration Pending? No
Disposition: Settled
Disposition Date: 03/18/2019
Monetary CompensationAmount:
$75,000.00
Customer Complaint Information
Arbitration Information
Individual ContributionAmount:
$0.00
Evolved into Arbitration/CFTC reparation (the individual is a named party)
Alleged Damages AmountExplanation (if amount notexact):
Damages are unspecified however firm has made a good faith determination thatdamages alleged exceed $5,000.00.
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 18-00849
Disclosure 4 of 6
i
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Westminster Financial Securities, Inc.; Concorde Investment Services, LLC;Concorde Asset Management, LLC., IFS Securities, and IFS Advisory, LLC
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Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc.; Concorde Investment Services, LLC;Concorde Asset Management, LLC., IFS Securities, and IFS Advisory, LLC
Client is alleging fraud, misrepresentation and negligence, in relation toinvestments made from 2012 to 2016.
Product Type: Real Estate SecurityOther: general securities and investments
Alleged Damages: $0.00
Date Complaint Received: 12/22/2016
Complaint Pending? No
Status:
Status Date: 10/30/2017
Settlement Amount:
Individual ContributionAmount:
Date Notice/Process Served: 11/08/2017
Arbitration Pending? No
Disposition: Settled
Disposition Date: 05/14/2019
Monetary CompensationAmount:
$190,000.00
Customer Complaint Information
Arbitration Information
Evolved into Arbitration/CFTC reparation (the individual is a named party)
Alleged Damages AmountExplanation (if amount notexact):
Alleged damages unknown but expected to exceed $5,000.00
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 17-02608
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Monetary CompensationAmount:
$190,000.00
Individual ContributionAmount:
$0.00
Disclosure 5 of 6
i
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc. and Concorde
The client alleges unsuitable recommendations, fraud, misrepresentation anddeceit.
Product Type: No Product
Alleged Damages: $5,000.00
Date Notice/Process Served: 08/14/2017
Arbitration Pending? No
Disposition: Settled
Disposition Date: 08/16/2019
Monetary CompensationAmount:
$125,000.00
Arbitration Information
Individual ContributionAmount:
$0.00
Alleged Damages AmountExplanation (if amount notexact):
The exact damages are not stated, but the firm believes the alleged damagesexceed $5000.00
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA Arbitration
Docket/Case #: 17-01850
iReporting Source: Firm
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Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc. and Concorde Investment Services, LLC.
Clients are alleging forgery, fraud, and negligence in relation to investments madefrom 2011 to 2016.
Product Type: Other: Individual Retirement Account
Alleged Damages: $0.00
Date Complaint Received: 11/28/2016
Complaint Pending? No
Status:
Status Date: 08/11/2017
Settlement Amount:
Individual ContributionAmount:
Date Notice/Process Served: 08/11/2017
Arbitration Pending? No
Disposition: Settled
Disposition Date: 08/20/2019
Monetary CompensationAmount:
$125,000.00
Customer Complaint Information
Arbitration Information
Evolved into Arbitration/CFTC reparation (the individual is a named party)
Alleged Damages AmountExplanation (if amount notexact):
Damages are unspecified however firm has made a good faith determination thatdamages alleged exceed $5,000.00.
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 17-01850
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Monetary CompensationAmount:
$125,000.00
Individual ContributionAmount:
$0.00
Disclosure 6 of 6
i
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Concorde Investment Services, LLC
Registered Reps [other firm employee] and Jill Cody received inaccurateinformation from Lincoln Financial. That information was passed unknowingly on tothe client. However, the client received corrected information from Lincoln in timeto correct any mistake but took no action to remedy the problem. [other firmemployee] and Jill did not receive the corrected information until weeks after theclient did and as a result did not have the opportunity themselves to fix the issueas the 30 day window had expired. Activities occurred from 2013-2015.
Product Type: Annuity-Variable
Alleged Damages: $160,000.00
Date Complaint Received: 09/04/2015
Complaint Pending? No
Status:
Status Date: 10/23/2015
Settlement Amount:
Individual ContributionAmount:
Customer Complaint Information
Arbitration Information
Evolved into Arbitration/CFTC reparation (the individual is a named party)
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
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Date Notice/Process Served: 10/23/2015
Arbitration Pending? No
Disposition: Settled
Disposition Date: 02/22/2017
Monetary CompensationAmount:
$77,500.00
Individual ContributionAmount:
$0.00
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 15-02545
iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Concorde Investment Services, LLC
Registered Reps [other firm employee] and Jill Cody received inaccurateinformation from Lincoln Financial. That information was passed unknowingly onto the client. However, the client received corrected information from Lincoln intime to correct any mistake but took no action to remedy the problem. [other firmemployee] and Jill did not receive the corrected information until weeks after theclient did and as a result did not have the opportunity themselves to fix the issueas the 30 day window had expired. Activities occurred from 2013-2015.
Product Type: Annuity-Variable
Alleged Damages: $160,000.00
Date Complaint Received: 09/04/2015
Complaint Pending? No
Status:
Customer Complaint Information
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
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Status:
Status Date: 10/23/2015
Settlement Amount:
Individual ContributionAmount:
Date Notice/Process Served: 10/23/2015
Arbitration Pending? Yes
Broker Statement [customer] requested that annuity funds be distributed immediately due to afinancial emergency. [other firm employee] or Jill were not agents of record on theannuity. However, in the interest of helping a client, they helped [customer]facilitate the withdrawal. The [customers] were informed by the Annuity companythat they violated a condition of a Rider on their policy. They were also informedthey had 30 days from the time of withdrawal to fix the error and restore the policy.The [customers] did nothing. The annuity company never informed [other firmemployee] or Jill of the violation prior to the distribution. Although they werealready aware of the violation, The [customers] did not inform [other firmemployee] or Jill of the violation until after the 30 day period expired. Although the[customers] feel that [other firm employee] or Jill should have known about therider rule prior to the withdrawal, there was no way for them to know withoutinformation from the annuity company or the [customers] as they did not sell the[customers] the policy. That information was never provided. The [customers] hadinvested in the policy in 2007.
Arbitration Information
Evolved into Arbitration/CFTC reparation (the individual is a named party)
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 15-02545
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Customer Dispute - Closed-No Action / Withdrawn / Dismissed / Denied
This type of disclosure event involves (1) a consumer-initiated, investment-related arbitration or civil suit containing allegations of sales practiceviolations against the individual broker that was dismissed, withdrawn, or denied; or (2) a consumer-initiated, investment-related written complaintcontaining allegations that the broker engaged in sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, ormisappropriation, or conversion of funds or securities, which was closed without action, withdrawn, or denied.
Disclosure 1 of 2
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc. and Concorde Investment Services, LLC.
Client is alleging that funds belonging to the client were taken by representative.Time period is unclear but we believe it covers 2012 to present.
Product Type: Equity-OTC
Alleged Damages: $0.00
Date Complaint Received: 12/20/2016
Complaint Pending? No
Status:
Status Date: 10/17/2018
Settlement Amount:
Individual ContributionAmount:
Customer Complaint Information
Closed/No Action
Alleged Damages AmountExplanation (if amount notexact):
Damages are unspecified however firm has made a good faith determination thatdamages alleged exceed $5,000.00.
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
Disclosure 2 of 2
i
Reporting Source: Firm
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Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc. and Concorde Investment Services, LLC.
Client is alleging that funds belonging to the client were taken by representative.Time period is unclear but we believe it covers 2013 to present.
Product Type: Equity-OTC
Alleged Damages: $0.00
Date Complaint Received: 01/18/2017
Complaint Pending? No
Status:
Status Date: 03/08/2018
Settlement Amount:
Individual ContributionAmount:
Customer Complaint Information
Closed/No Action
Alleged Damages AmountExplanation (if amount notexact):
Damages are unspecified however firm has made a good faith determination thatdamages alleged exceed $5,000.00.
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
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Customer Dispute - Pending
This type of disclosure event involves (1) a pending consumer-initiated, investment-related arbitration or civil suit that contains allegations of salespractice violations against the broker; or (2) a pending, consumer-initiated, investment-related written complaint containing allegations that thebroker engaged in, sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, orconversion of funds or securities.
Disclosure 1 of 1
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
Westminster Financial Securities, Inc. and Concorde Investment Services, LLC.
Petition to Vacate in Part and Confirm in Part FINRA Arbitration Award. Allegationsinclude negligence and breach of fiduciary duty relating to investments madebetween 2010 to present.
Product Type: Other: Individual Retirement Account
Alleged Damages: $0.00
Date Notice/Process Served: 02/26/2019
Litigation Pending? Yes
Civil Litigation Information
Alleged Damages AmountExplanation (if amount notexact):
Damages unspecified
Type of Court: Federal Court
Name of Court: U.S. District Court for the District of Massachusetts
Location of Court: Boston, MA
Docket/Case #: 19-cv-10289
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End of Report
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