Investors of Andrew Todd Yocum may be entitled to recovery of their losses. Mr. Yocum is a former broker of Morgan Stanley and Summit Brokerage. He has entered into regulatory settlements with both the Financial Industry Regulatory Authority (“FINRA”) and Florida regulators. If you have suffered investment losses as a result of investing with Yocum please call 1-866-817-0201 for a free and confidential consultation with a private attorney.
In 2015, FINRA, the national regulatory agency that oversees securities brokers and brokerages, commenced an investigation into Yocum. It alleged the he effected unauthorized securities transactions, exercised discretion over portfolios without written authorization, and recommended unsuitable concentrated purchases of energy sector securities to senior investors.
Unsuitable investments are investments that are either too risky or otherwise do not fit the investor’s profile. Such investments generally enrich the broker at the expense of the investor.
Yocum did not contest the charge by FINRA. Ultimately, FINRA barred him from practicing as a securities broker.
On May 4, 2017, Yocum was found by Florida regulators to have committed similar offenses. Those offenses being the failure to get appropriate authorization from his clients and the recommendation of unsuitable securities. Yocum neither admitted, nor did he deny, the findings.
Yocum entered the securities industry in September 2002 when he became associated with a FINRA member firm. All securities brokerage firms in the United States must be members of FINRA. FINRA is a self-regulatory organization that the Securities and Exchange Commission has empowered to oversee securities brokerages.
The former employers of Yocum have been sued over 30 times for their failure to supervise the portfolios of investors and ensure protection from the securities violations described above.
Yocum first became registered with FINRA through that firm on November 28,2002. Yocum remained registered with FINRA through an association with two member firms between 2002 and 2009. Neither of these firm from that time period were identified in the FINRA investigation.
On June 1, 2009, Yocum became a broker with Morgan Stanley. On October 6, 2015, Morgan Stanley filed a Uniform Termination Notice for Securities Industry Registration. The reason for Yocum’s termination from Morgan Stanley was listed as “[a]llegations concerning acting on verbal discretion.”
Subsequent to his termination with Morgan Stanley, Yocum became affiliated with Summit. On March 3, 2016, that firm filed a Form with FINRA noticing the regulator that it was terminating Yocum’s association as of March 1, 2016. Since March 1, 2016, Yocum did not re-associate with another FINRA member firm.
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