Madison Avenue Stockbroker Barred In Selling Away Investigation
Bryan Joseph Clark of Atascadero California a stockbroker employed by Madison Avenue Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Clark failed to cooperate with FINRA personnel during an investigation into accusations of (1) Clark engaging in outside business activities that were not approved by Madison Avenue Securities and (2) Clark facilitating unapproved private securities transactions while registered with the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2018059547901 (Aug. 9, 2019).
According to the AWC, an investigation into Clark commenced by FINRA following receipt of a Form U5 from Madison Avenue Securities. The regulator learned from the securities broker dealer that Clark had been terminated on August 9, 2019 based upon allegations of Clark’s failure to make required disclosures to the firm. Another Form U5 had been filed on April 17, 2019 revealing that Clark was internally investigated by Madison Avenue Securities for possibly selling away from the securities broker dealer and engaging in undisclosed outside business activities.
The AWC stated that Clark was sent a letter from FINRA on June 5, 2019 which requested under Rule 8210 that he appear before the regulator to provide recorded testimony about his possible participation in private securities transactions and outside business activities in addition to his possible failure to disclose that he filed for bankruptcy. Clark was warned that his failure to cooperate with FINRA could lead to sanctions including him being barred by FINRA in all capacities.
FINRA received word from Clark on June 14, 2019 that he received FINRA’s request but would not show up and testify as part of FINRA’s investigation into his possible violations of FINRA Rules. The AWC stated that a second request had been made by FINRA on June 19, 2019 under Rule 8210 requesting Clark’s recorded testimony. Clark denied that request on June 25, 2019 and never showed up on the date that his testimony was scheduled. FINRA found Clark’s conduct violative of Rules 2010 and 8210.
FINRA Public Disclosure reveals that Clark has been identified in three customer initiated investment related disputes containing accusations of his violative conduct while employed with Wamu Investments and LPL Financial LLC. In fact, a customer initiated investment related complaint concerning Clark’s activities was resolved for $76,043.24 in damages supported by allegations that the customer was advised to liquidate stocks and utilize the proceeds for the purchase of an annuity which was not suitable given the customer’s circumstances and age.
Clark is also the subject of a customer initiated investment related complaint where the customer sought damages estimated to exceed $5,000.00 founded on accusations of omissions being made by Clark in regards to the risks of investing in a variable annuity. Another customer filed an investment related complaint pertaining to Clark’s conduct in which the customer requested damages estimated to exceed $5,000.00 based upon allegations of misrepresentations being made concerning the terms and conditions of an annuity sold to the customer.
Clark’s employment with LPL Financial LLC has been terminated as of May 14, 2015. He was employed with Madison Avenue Securities LLC between June 2, 2015 and August 15, 2018.