Is George Marshall Warner finally getting what’s coming to him? The well-known financial expert, who was once seen as a model of trust and honesty, is now being looked into, which has sent shockwaves through the financial world. People are shocked by the scandal involving Warner and his alleged participation in FINRA fraud.
History Of George Marshall Warner
Warner first signed up with FINRA in 1992 as a representative for Investment Company and Variable Contracts Products. Warner was registered with FINRA from September 2017 to October 2019 as a General Securities Representative and an Investment Company and Variable Contracts Products Representative through Chelsea Financial Services (CRD No. 47770).
On October 15, 2019, Chelsea Financial filed a Uniform Termination Notice for Securities Industry Registration (Form U5) that said Warner had freely left the firm. On July 30, 2020, Chelsea Financial filed an updated Form U5 that said Warner was named in a customer dispute where it was said that Warner had “sold away.”
Warner is not registered with or working for a FINRA member company at the moment. Article V, Section 4 of FINRA’s By-Laws says, however, that he is still accountable to FINRA’s authority.
Warner signed an AWC in April 2017 in which he agreed that he had changed new account papers and other account profile information that a customer had already signed, which was against FINRA Rules 4511(a) and 2010. Warner was banned from working with any FINRA member company in any way for 30 days and had to pay a $5,000 fine.
George Marshall Warner Report
Part of FINRA Rule 8210(a)(1) says that FINRA can ask a person under its authority to “provide information orally, in writing, or electronically… about any matter involved in [a FINRA] investigation or examination.” “[n]o… person shall fail to provide information… pursuant to this Rule,” says FINRA Rule 8210(c). A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which says that member firms and the people who work for them must “observe high standards of commercial honor and just and equitable principles of trade.
Under FINRA Rule 8210, on December 28, 2020, FINRA sent Warner a request for information and papers as part of an investigation into Warner’s possible involvement in private securities transactions that were not made public.
Warner’s lawyer told FINRA in an email on February 15, 2021, that Warner had received FINRA’s request. By signing this agreement, Warner confirms that he has received FINRA’s request and won’t give them any of the information or papers they asked for. Warner broke FINRA Rules 8210 and 2010 by not giving the desired information or documents when asked to do so under FINRA Rule 8210.
Penalties, Punishments & Sanctions
A BAR FROM ASSOCIATING WITH ANY FINRA MEMBER IN ALL CAPACITIES.
Respondent knows that if he is banned or suspended from working with any FINRA member, he is subject to a statutory disqualification, as stated in Article III, Section 4 of FINRA’s By-Laws, which includes Section 3(a)(39) of the Securities Exchange Act of 1934. During the time he is barred or suspended, he can’t work for or with any FINRA member in any way, even in a clerical or religious position. See Rules 8310 and 8311 of the FINRA.
George Marshall Warner Review
Warner failed to provide information and documents that were requested pursuant to
FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010.
How To Spot A Fraud Finance Advisor
Help For Victims Of George Marshall Warner
If you lost money because George Marshall Warner lied to you, sold you bad investments, or gave you bad advice about how to spend, you can get your money back. Then you can go to court and get what’s right. Fraud, bad behavior, and not doing what you’re supposed to do should not be taken easily, especially in this business. If your financial advisor or brokerage company doesn’t follow FINRA’s rules and regulations, you should tell the authorities or go to court.
Financial advisors are required by law and regulation to suggest to their clients the best investments and investment plans. Their suggestions should be in the best interest of their clients and fit with their goals and wants. In the same way, the brokerage company that hires financial advisors has a legal and regulatory duty to keep a close eye on and oversee their practices and behavior.
They need to make sure that the financial expert isn’t trying to trick them or isn’t favoring certain investments for no good reason. If the financial advisor or brokerage company doesn’t do these things, the client or customer may be able to get all or some of their money back.
When they give advice about investments and investment plans, financial advisors need to think about what is best for their clients. Reasonable basis suitability means that the advisor should do their best to analyze and point out the risks and benefits of the investment or investment plan they recommend.
You can also read: Mayur T. Dalal: Uncovering the Alleged Fraud
