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Written by 3:26 pm Blog, Securities Fraud Articles

Garden State Securities and Advisors fined by FINRA

FINRA recently announced that Garden State Securities, Inc. (a FINRA registered broker-dealer based in Wall, New Jersey), Ted David Baturin (a registered financial advisor based in Parkland, Florida ) and Christopher John Lane, Sr. (a registered financial advisor based in Avon, New Jersey) have been fined and censured as a result of FINRA investigation.

Specifically, Garden State Securities was fined $50,000 and ordered to pay $3,894.90, plus interest, in restitution to customers; Ted David Baturin was fined $20,000 and suspended from association with any FINRA member in any capacity for five months; and Christopher John Lane, Sr. was fined $7,500 and suspended from association with and FINRA member in a general securities principal capacity for 20 business days.

Without admitting or denying the findings, the firm, Baturn and Lane consented to the described sanctions and to the entry of findings that the firm, acting through Baturin, bought/sold securities for its account from/to another broker-dealer and failed to buy/sell securities to/from a firm customer at a price that was fair, taking into consideration all relevant circumstances, including market conditions with respect to the security at the time of the transaction, the expense involved, and that the firm was entitled to a profit.

The findings also stated that the firm, acting through Baturin, recommended to elderly customers that they purchase corporate bonds that were rated as below investment grade and were speculative securities; and recommended and executed transactions in securities without reasonable grounds for believing that the recommendations were suitable upon the basis of facts the customers disclosed as to their other security holdings and their financial situation and needs. Finally, the findings stated that Lane failed to reasonably and properly supervise Baturin’s activities, and the firm failed to enforce its written supervisory procedures that specified that Lane was to conduct supervisory reviews of Baturin’s customer account activity to detect and prevent violations of FINRA Rules 2310 and 2330 and NASD Interpretative Material- 2440.

If you have questions about investments you made with Garden State Securities, Inc. or Ted David Baturin, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney please call our Chicago office at 312-238-9650.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit https://whitesecuritieslaw.com.

Tags: , , , , , , Last modified: December 1, 2022