Kovack Securities Stockbroker Barred In Regulatory Investigation
Douglas Wayne Studer, of Fort Lauderdale, Florida, a stockbroker formerly registered with Kovack Securities Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Studer’s consent to findings that he failed to cooperate in a FINRA investigation into allegations of his misconduct regarding an inheritance from a customer. Letter of Acceptance, Waiver and Consent No. 2015047609101 (Sept. 19, 2016).
According to the AWC, Studer was apparently named in the estate documents of a ninety-one-year-old Kovack Securities customer, wherein he was purportedly listed as the beneficiary of the customer’s Fort Lauderdale waterfront condo. On August 2, 2016, Studer was sent a request from FINRA, based on Rule 8210, which called upon Studer to provide recorded testimony before FINRA personnel regarding the customer’s estate documentation.
The AWC stated that Studer’s counsel contacted FINRA on August 5, 2016, to report that Studer understood the nature of FINRA’s request, but would not ever testify pursuant to FINRA’s request. Consequently, FINRA found that Studer’s conduct was violative of FINRA Rules 8210 and 2010.
FINRA Public Disclosure reveals that Studer has been identified in two customer initiated investment related disputes containing allegations of Studer’s misconduct while employed with VSR Financial Services, Inc. and National Securities Corp. Specifically, on February 9, 2009, a customer filed an investment related written complaint involving Studer’s conduct, in which the customer requested $200,000.00 in damages based upon allegations that Studer made omissions to the customer concerning direct investment products and effected unauthorized sales of the customer’s mutual fund holdings.
Subsequently, on November 30, 2015, a customer initiated investment related complaint regarding Studer’s activities was resolved for $60,010.00 in damages based upon allegations that Studer effected unauthorized mutual fund trades in the customer’s account.
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