According to the South Florida Business Journal, the Financial Industry Regulatory Authority (FINRA) permanently barred former Miami broker, Bruce F. Supanik, for allegedly transferring the balance of a client’s account totaling $506,450 into a joint checking account shared with the client. Supanik then purportedly deposited the funds into his personal bank account.
FINRA’s was investigating Supanik’s termination from his member firm, The O.N. Equity Sales Company. In FINRA’s complaint, Supanik was apparently terminated for making the alleged transaction after the clients death, which he failed to disclose to his firm.
Brokerage firms have a supervisory responsibility to monitor the activity of their employees. When brokers violate securities rules and regulations at the expense of their clients, the brokerage firm may be liable for negligent supervision and responsible for investment losses.
If you suffered investment losses as a result of your dealings with Bruce F. Supanik and and would like to discuss your litigation options, please call the securities attorney of The White Law Group at (312) 238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.
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, Bruce Supanik termination Last modified: March 25, 2019