FINRA Brings Disciplinary Proceedings Against Julian Jay Piekarczyk for _Unethical Course of Conduct_Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that FINRA’s Department of Enforcement has recently brought disciplinary proceedings against broker/advisor Julian Jay Piekarczyk (CRD # 1128773). The proceedings occurred as a result of an investigation into his alleged “unethical course of conduct” with regards to a customer.

The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Piekarczyk.

Registration Background for Julian Jay Piekarczyk

Mr. Piekarczyk first became registered in the securities industry in 1984. He was most recently registered with Joliet, IL based Pruco Securities, LLC (CRD # 5685) from August 1991 to August 2018. His prior registrations include The Prudential Insurance Company of America (CRD # 680) from August 1991 to December 1993 and Pruco Securities Corporation (CRD # 5685) from December 1984 to June 1991.

FINRA’s Allegations against Julian Jay Piekarczyk

According to FINRA’s Complaint, dated June 16, 2020, Mr. Piekarczyk is alleged to have engaged in the following “unethical course of conduct”:

  • [F]rom approximately December 2014 through June 2015 Piekarczyk circumvented [Pruco Securities, LLC] policies by having [his client] designate Piekarczyk’s wife as a beneficiary of multiple financial products, all of which Piekarczyk sold to [his client]”;
  • Piekarczyk assisted [his client] in designating [his wife] as a beneficiary of the financial products by completing and submitting the beneficiary designation forms for the two variable annuities and the mutual fund account, and by instructing [his client] to call the insurance carrier to change the beneficiary designation on the fixed annuity”;
  • Piekarczyk did not disclose to [Pruco Securities, LLC] that his wife had been named beneficiary on any of [his client’s] accounts or policies”;
  • Piekarczyk further engaged in a course of unethical conduct by maintaining a joint bank account with [his client]”;
  • Pruco Securities, LLC’s policy prohibited all sales professionals and employees from “directly or indirectly sharing in the profits or losses realized by a client in any policy or account, excluding immediate family“ and
  • Pruco Securities, LLC’s policy further stated “Sales professionals and employees are not permitted to be trustees or beneficiaries to client policies unless the client is a member of such individual’s immediate family.

FINRA further alleged that by virtue of the foregoing, Mr. Piekarczyk violated FINRA Rule 2010, regarding high standards of commercial honor and just and equitable principles of trade.

Julian Jay Piekarczyk has a History of Customer Complaints

In addition to the allegations of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Piekarczyk (pages 9 – 10) reveals he has a history of at least 1 customer complaint regarding the above described conduct.  Specifically, the customer initiated complaint was received by Pruco Securities, LLC on March 5, 2018. The customer complaint was eventually settled on October 1, 2018 in the amount of $148,037.01.

If you or someone you know has or had a brokerage account with Julian Jay Piekarczyk and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.