FINRA Bonks Feltl Stockbroker For Customer Loan
Terrence Edward Bonk of Inver Grove Heights Minnesota a stockbroker formerly registered with Feltl Company has been fined $10,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that (1) Bonk borrowed money from a customer of Feltl Company without the securities broker dealer’s permission (2) Bonk lied to Feltl Company to conceal the loan made by the customer and (3) Bonk persuaded the customer to lie about the loan after the customer complained. Letter of Acceptance Waiver and Consent No. 2019063735801 (Feb. 25, 2020).
According to the AWC, the customer provided funds to Bonk in September of 2018 during which time Feltl Company prohibited stockbrokers from borrowing from customers. FINRA noted that Bonk confirmed through at least two compliance agreements that he understood the firm’s strict policy against borrowing. FINRA found Bonk’s conduct violative of FINRA Rules 2010 and 3240.
According to FINRA’s findings, Bonk lied to Feltl Company about borrowing money from a customer when he completed a questionnaire that Feltl Company administered. On August 5, 2019, when the customer demanded that Bonk repay the loan, the stockbroker falsely claimed to both the customer and Feltl that the loan was for the benefit of Bonk’s brother. FINRA found Bonk’s activities in this respect to be violative of FINRA Rules 2010.
FINRA Public Disclosure confirms that Bonk has been identified in two customer initiated investment related disputes concerning accusations of his misconduct during the time that the stockbroker was employed by RBC Capital Markets and Oppenheimer Co. Inc.
In particular, a customer filed an investment related complaint concerning Bonk’s activities where the customer sought $152,937.00 in damages founded on accusations that equities and stock trades had been executed by the stockbroker on an unauthorized and unsuitable basis in the account of an RBC Capital Markets customer.
Bonk is also the subject of a customer initiated investment related written complaint on December 7, 2017 in which the customer requested $350,000.00 in damages. According to the complaint, the Oppenheimer customer’s account had been churned between January of 2010 and December of 2016. The complaint also alleged that the customer had been placed into unsuitable securities including exchange traded funds and mutual funds. Bonk’s registration with Feltl Company has been terminated as of August 26, 2019.