Publicly available records recently provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Gerald T. Coyne (CRD # 4589061), formerly with Harrisburg, PA based CUSO Financial Services, L.P. (CRD # 42132) was recently barred from the securities industry by FINRA’s Department of Enforcement amidst an “investigation into potential unsuitable recommendations.” The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Coyne.
Registration Background for Gerald T. Coyne
Mr. Coyne became registered in the securities industry in 2002 and had been registered with CUSO Financial Services, L.P. from January 2011 to September 2018. His prior registrations included Community Investments Services, Inc. (CRD # 46332) from January 2006 to January 2011 and CCO Investment Services Corp. (CRD # 39550) from February 2005 to December 2005.
FINRA’s Finding and Conclusions
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated December 10, 2019, Mr. Coyne consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- In 2019, FINRA commenced an investigation into potential unsuitable recommendations by Coyne after reviewing his Form U5 filing regarding his termination from CUSO Financial Services, L.P.;
- FINRA’s investigation focused on whether “Coyne made misrepresentations, omissions, and unsuitable recommendations of variable annuities to customers using their rollover funds from their state retirement accounts”;
- In connection with that investigation, FINRA sent Coyne a request on November 7, 2019 for on-the-record testimony pursuant to FINRA Rule 8210;
- In response to FINRA’s request, Coyne informed FINRA, both telephonically on November 12, 2019 and by email on November 15, 2019 that he had received the request but would not appear for the requested interview; and
- By refusing to appear for on-the-record testimony, Coyne violated FINRA Rule 8210 and FINRA Rule 2010.
FINRA Sanctions Gerald T. Coyne
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s December 10, 2019 AWC also indicates that Mr. Coyne consented to the sanction of being barred from association with any FINRA member firm in any and all capacities.
Gerald T. Coyne has a History of Customer Complaints
In addition to the above findings in the December 10, 2019 AWC, FINRA BrokerCheck for Gerald T. Coyne reveals he has a history of securities related customer complaints/arbitrations.
In particular, on February 25, 2019, an attorney representing four clients of Mr. Coyne filed an arbitration seeking unspecified damages, alleging Mr. Coyne “misrepresented material features and return potential for variable annuities…” The complaint was settled on September 9, 2019 in the amount of $164,000.00.
If you or someone you know has or had a brokerage account with Gerald T. Coyne and have concerns regarding losses in your investments or possible 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.