FINRA suspends William Bernard Lyons (CRD #1521283, Middletown, New Jersey)
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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
March 12, 2018 – A Letter of Acceptance, Waiver and Consent (AWC) was issued in which Lyons was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any principal capacity for three months. Without admitting or denying the findings, Lyons consented to the sanctions and to the entry of findings that he failed to reasonably supervise an individual’s outside business activities with a non-FINRA-regulated broker-dealer and to supervise the individual’s private securities transactions. The findings stated that Lyons, in his capacity as a general securities principal, was delegated the responsibility to review, approve and enforce the member firm’s WSPs with respect to outside business activities and private securities transactions. The firm’s WSPs required Lyons to determine whether the activity was, in fact, an outside business activity, or a prohibited private securities transaction. Lyons was required to investigate red flags indicating that the individual was engaging in private securities transactions away from the firm; however, he ignored numerous red flags indicating that the individual was engaging in unapproved private securities transactions. The suspension is in effect from March 19, 2018, through June 18, 2018. (FINRA Case #2015044587504). If you or someone you know has lost money investing with William Lyons, call the experienced 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.