Becky Vee Halphin, of North Kansas City, Missouri, a stockbroker formerly registered with General Securities Corp., has been barred from registering as a broker-dealer representative or investment adviser representative in the State of Missouri based upon a Missouri Commissioner of Securities Consent Order containing findings that she engaged in unethical and dishonest business activities. In the Matter of Becky v. Halphin, ap-16-44 (Oct. 18, 2016).

According to the Order, from November of 2010 to November of 2012, funds had been borrowed by Halphin from two of General Securities’ elderly customers, where she utilized the funds to make real estate investments. Apparently, the loan arrangement was made outside the auspices of General Securities.

In a related disciplinary action, Halphin was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she borrowed funds from customers without permission from her firm. Letter of Acceptance, Waiver and Consent, No. 2014042604701 (June 9, 2016).

According to the AWC, a promissory note had been signed by Halphin on October 24, 2012, wherein she promised to repay $60,000.00 to a customer subject to terms which relieved her of her principal repayment obligation in the event of the customer’s death. The customer reportedly died months after the note was signed. FINRA found that since Halphin’s borrowing arrangement was prohibited by General Securities Corp., her conduct was violative of FINRA Rules 2010 and 2340. Halphin was terminated from General Securities Corp. on August 15, 2014, based upon allegations that she effected a securities transaction without the firm’s permission.

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