Daniel P. Glavin, a Stockbrokerwith Country Capital Management Company, was recently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that Glavin had obstructed a FINRA investigation and had converted approximately $45,000 in customer funds. Letter of Acceptance, Waiver, and Consent, No. 2015044416501 (Mar. 31, 2015). Glavin is prohibited from acting as a broker or otherwise associating with firms that sell securities to the public.

According to the AWC, around January of 2012, while Glavin was employed with Country Capital Management Company (CCMC), Glavin received $45,000 from a friend in order to invest in certificate of deposits issued by Kentucky Fried Chicken’s parent company, YUM! Glavin had reportedly recommended certificates of deposit to his friend which did not actually exist, and did not use the funds provided to purchase any certificates of deposit. Glavin, according to the AWC, converted the funds for his own use.

The AWC further noted that Glavin had fabricated account statements which showed the customer’s investments into the aforementioned non-existent certificates of deposit. FINRA found Glavin’s conduct to have violated Rule 2010.

Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.

The AWC reported that on March 4, 2015, FINRA had requested that Glavin provide information and documentation, pursuant to Rule 8210, as well as appear for on-the-record testimony concerning his aforementioned conduct. Glavin, according to the AWC, spoke with FINRA’s staff on March 18, 2015, where he acknowledged FINRA’s requests, but stated his refusal to provide any assistance in FINRA’s investigation. Consequently, FINRA found Glavin to have violated Rules 8210 and 2010, leading to his permanent bar.

FINRA registered representatives like Glavin who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.

Guiliano Law Group

If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.

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