Maine Registered Representative Consents to Bar Following Violation of FINRA 8210 for Refusing to Cooperate with a FINRA InvestigationWednesday, December 4, 2019
On November 12, 2019, former registered representative Gerald Eaton submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve allegations of violating securities industry rules and regulations.
Eaton was most recently registered as an Investment Company Products/Variable Contracts Representative with Commonwealth Financial Network in Acton, Maine. According to his FINRA BrokerCheck report, he worked at Commonwealth from March 1995 to November 2019 when he was discharged for forgery and wrongful taking of property.
Shortly after receiving his Form U5 which stated that the reason for termination was that Eaton “fraudulently facilitated distributions from the accounts of clients without their knowledge or consent or for their benefit,” on November 8, 2019, FINRA Department of Enforcement staff sent Eaton a request to produce documents and information pursuant to FINRA 8210. His counsel called FINRA staff that same day and stated that Eaton will not produce the information or documents.
Based on the foregoing, Gerald Eaton violated FINRA Rules 8210 and 2010. By signing the AWC, Eaton consented to a bar from associating with all FINRA member firms in any capacity.
Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm. If you lost money while investing with Gerald Eaton and you suspect wrongdoing, you may be able to recover from him or Commonwealth Financial Network, the brokerage firm where he was registered. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.