FINRA suspends Jeffery Allen Fanning (CRD #1566859, Cheyenne, Wyoming)
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As reported in InvestmentNews, three Raymond James entities have agreed to pay over $15 million to resolve an investigation by the SEC. The settlement and SEC order focused on Raymond James’s actions in improperly charging certain clients advisory fees when the...read more
April 2, 2018 – An Offer of Settlement was issued in which Fanning was fined $20,000, suspended from association with any FINRA member in all capacities for six months and immediately following, suspended from association with any FINRA member in any principal capacity for 12 months. Without admitting or denying the allegations, Fanning consented to the sanctions and to the entry of findings that he failed to reasonably supervise the equity trading of registered representatives at his member firm for potentially excessive trading. The findings stated that even where Fanning’s reviews of customer account activity identified potentially excessive trading, he frequently failed to reasonably address that activity. Fanning also failed to establish and maintain a system to supervise his firm’s associated persons that was reasonably designed to identify and respond to potentially excessive trading. Fanning developed the firm’s WSPs pertaining to reviews for potentially excessive trading, but failed to ensure they stated how he would identify excessive trading during those reviews, or how often he would conduct those reviews. In addition, Fanning failed to ensure that the WSPs reasonably outlined the steps the firm should take if his reviews identified potentially excessive trading. Fanning failed to reasonably carry out his supervisory responsibilities relating to the equity trading of firm representatives, including failing to perform supervisory review with any regularity, and when his review did identify potentially excessive trading activity, he failed to follow up on that activity effectively. The findings also stated that Fanning signed letters addressed to the United States Citizenship and Immigration Service that misrepresented the nature of two representatives’ employment with the firm. Fanning knew at the time he signed the letters that the job descriptions in the letters did not accurately reflect the jobs the representatives were actually performing for the firm.
The suspension in all capacities is in effect from April 2, 2018, through October 1, 2018. The suspension in any principal capacity will be in effect from October 2, 2018, through October 1, 2019. (FINRA Case #2015043246401)
If you or someone you know has lost money investing with Jeffery Allen Fanning, call the experienced FINRA arbitration attorneys at Epperson & Greenidge at 877-445-9261 for a free consultation. You may be eligible to recoup your losses. Epperson & Greenidge accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-445-9261 now to speak to an attorney for free.