Repeat Offender Sanctioned by FINRA
Coleman J. Devlin, most recently employed by IFS Securities in Atlanta, GA, has entered into a letter of acceptance, waiver and consent (“AWC”) with FINRA dated October 18, 2017 (No. 2016050359301).
Devlin has agreed to FINRA’s findings that he engaged in discretionary trading in five customer accounts from January 2012 to July 2016. He did not obtain the written authorization of the customers or the approval of his firm to use discretion in the accounts in violation of several FINRA rules.
Devlin was employed at Stifel Nicolaus in Baltimore, MD from June 2007 to July 2016.
As a result of FINRA’s findings, Devlin has agreed to a 30-day suspension and a $5,000 fine.
This is not Devlin’s first run-in with FINRA. In 2003 he entered into an AWC in which he consented to findings that he engaged in unsuitable trading and unauthorized discretionary trading in a customer’s account. He agreed to a 15 day suspension and a $10,000 fine in that matter.
Devlin’s BrokerCheck report indicates that he has been in the securities industry for 22 years. During that time, he has worked at seven firms. His report lists 15 disclosures, which consist of 10 settled customer disputes, two customer disputes that were denied, one regulatory matter (the 2003 AWC) and two discharges by employers.
Since May 2014, Devlin has been the subject of eight customer complaints that have been settled for a total of $243,5000. He also received the two customer complaints that were denied during that time.
Stifel discharged him in June 2016 for unauthorized trading. The U-5 reporting his discharge most likely triggered the FINRA inquiry that resulted in the most recent AWC.
The allegations made against Devlin over the years covers a wide spectrum abuses perpetrated against investors by unscrupulous financial advisors: unauthorized trading, unsuitable trading, misrepresentations, breach of fiduciary duty and failure to supervise. Investors who feel their accounts are being mishandled, or have been sold an investment they didn’t understand, should contact experienced securities arbitration attorneys to review their account activity. Lubiner, Schmidt & Palumbo stand ready to assist investors who have questions or concerns regarding the securities accounts. Contact us for a consultation.