Publicly available records provided by the Financial Industry Regulatory Authority (FINRA), indicate that broker/advisor, Raymond William Clark (CRD # 2865619) was recently barred from the securities industry by FINRA’s Department of Enforcement. The sanction occurred after he refused to cooperate in an investigation into excessive trading (i.e., churning) and unauthorized trading.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Clark.
Registration Background for Raymond William Clark
Mr. Clark first became registered in the securities industry in 1997. He was most recently registered with Red Bank, NJ based Alexander Capital, L.P. (CRD # 40077) from June 2023 to July 2023. His prior registrations include Monmouth Capital Management LLC (CRD # 290248) from March 2023 to June 2023, and Garden State Securities, Inc. (CRD # 10083) from November 2019 to March 2021.
FINRA’s Allegations Against Raymond William Clark
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated August 9, 2023 (No. 2022076459304), Mr. Clark consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On July 18, 2023, staff sent a request to [Mr. Clark] for on-the-record testimony pursuant to FINRA Rule 8210, requesting that he appear on July 31, 2023”;
- “By this request, FINRA sought to investigate, among other issues, [Mr. Clark]’s role in the potential churning, excessive trading, and unauthorized trading of customer accounts; supervision of other registered representatives for potential excessive trading and/or churning of customer accounts”;
- “As stated in his counsel’s email to FINRA on July 18, 2023, and by this agreement, [Mr. Clark] acknowledges that he received FINRA’s request and will not appear for on-the-record testimony at any time”; and
- By virtue of his actions, Mr. Clark violated FINRA Rule 8210 regarding complying with information and testimony requests from FINRA, and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Bars Raymond William Clark from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s August 9, 2023 AWC also indicates that Mr. Clark consented to the following sanction(s):
- barred from association with any FINRA member in all capacities.
Raymond William Clark Has A Prior History of Securities Industry Customer Complaints
In addition to Raymond William Clark being barred by FINRA from the securities industry after refusing to comply with an investigation regarding excessive trading (churning) and unauthorized trading, FINRA BrokerCheck for Mr. Clark reveals that he has a history of customer complaints, and/or customer-initiated arbitrations, including but not necessarily limited to the following:
- On April 7, 2010 a customer initiated a written complaint against Mr. Clark regarding alleged actions that occurred while he was associated with J.P. Turner & Company LLC. The customer’s allegations included misrepresentation, breach of fiduciary duty, churning, negligence, and fraud. The customer further alleged damages in the amount of $190,000.00. On June 15, 2010 the written complaint evolved into a customer-initiated arbitration. On April 9, 2011, the arbitration was settled in the amount of $70,000.00.
- On January 5, 2010 a customer-initiated arbitration was commenced against Mr. Clark regarding alleged actions that occurred while he was associated with J.P. Turner & Company LLC. The customer’s allegations included misrepresentation, unsuitable securities, excessive and unauthorized trading, churning, fraudulent conduct, breach of fiduciary duty, and fraud. The customer further alleged damages in the amount of $125,000.00. On December 13, 2010, the arbitration was settled in the amount of $38,000.00.
- On December 24, 2002 a customer-initiated arbitration was commenced against Mr. Clark regarding alleged actions that occurred while he was associated with Grayson Financial LLC. The customer’s allegations included misrepresentation and unauthorized trading. The customer further alleged damages in the amount of $35,000.00. On May 5, 2003, the arbitration was settled in the amount of $23,000.00.
Have You Lost Money with Raymond William Clark?
If you or someone you know has or had a brokerage account with Mr. Raymond William Clark, 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.