FINRA Disciplinary Actions March 2022

Table of Contents

IAN MICHAEL PIERCE (CRD #6205487, WEST HARTFORD, CONNECTICUT)

February 23, 2022 – An AWC was issued in which Pierce was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Pierce consented to the sanction and to the entry of findings that he converted funds from one of his insurance customers and misrepresented the status of her insurance policies. The findings stated that Pierce converted $2,885 from one customer and created and emailed her documentation reflecting fictitious payments and account balances. (FINRA Case #2020066086301)

JON MATTHEW STANKOVICH (CRD #4810172, TOMS RIVER, NEW JERSEY)

February 28, 2022 – An AWC was issued in which Stankovich was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Stankovich consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony as requested by FINRA. The findings stated that Stankovich was under investigation regarding the circumstances of his termination from his member firm when he refused to appear. (FINRA Case #2018058292301)

DAN EDWARD DROEG (CRD #1509210, MESA, ARIZONA)

March 3, 2022 – An AWC was issued in which Droeg was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Droeg consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony as requested by FINRA. The findings stated that Droeg was under investigation regarding claims that he converted assets of a trust and then transferred over $878,000 from the trust’s bank account to his own bank accounts when he refused to appear. (FINRA Case #2021072636101)

JASON ANDREW WILK (CRD #6072438, NEW YORK, NEW YORK)

March 3, 2022 – An OHO decision became final in which Wilk was barred from association with any FINRA member in all capacities. According to the OHO panel, Wilk failed to provide on-the-record testimony as requested by FINRA during the course of an investigation. The findings stated that Wilk was under investigation regarding allegations that he had excessively traded a customer’s account, based on a high cost-to-equity ratio and a turnover rate when he refused to appear. (FINRA Case #2019060753502 )

GARRETT CAPLIN (CRD #5968832, NEW YORK, NEW YORK)

March 15, 2022 – An AWC was issued in which Caplin was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Caplin consented to the sanction and to the entry of findings that he failed to produce information and documents as requested by FINRA. The findings stated that Caplin was under investigation regarding claims made by his former member firm that he was not performing his due diligence for customer transactions when he refused to provide information. (FINRA Case #2021070745701)

PAUL RONALD KOCH (CRD #1777599, WAYZATA, MINNESOTA)

March 16, 2022 – An AWC was issued in which Koch was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Koch consented to the sanction and to the entry of findings that he failed to produce information and documents as requested by FINRA. The findings stated that Koch was under investigation regarding claims that he recommended risky and unsuitable investments in various outside business ventures where his wife was a partial owner and diverted funds from these outside investments and accounts for their personal gain when he refused to provide documents. (FINRA Case #2019062621801)

BRUCE MARTIN ZIPPER (CRD #1019731, MIAMI, FLORIDA)

March 16, 2022 – An NAC decision upheld a previous NAC ruling in which Zipper was barred from association with any FINRA member in all capacities. According to the NAC panel, Zipper continued to associate with FINRA member firms despite suspensions and statutory disqualifications. The findings stated that Zipper continued to act as a broker and advise clients in spite of multiple requirements that he stop such activities, and furthermore operated a firm from his home and created and maintained inaccurate books. (FINRA Case #2016047565702)

DAVID MICHAEL STEVENS (CRD #2830472, LA JOLLA, CALIFORNIA)

March 21, 2022 – An AWC was issued in which Stevens was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Stevens consented to the sanction and to the entry of findings that he provided falsified letters from a client and the client’s attorney when questioned about his actions regarding the client’s life insurance policies. The findings stated that Stevens was questioned by his former member firm regarding the multiple life insurance policy applications he submitted on behalf of a client when he produced the falsified documents. (FINRA Case #2020068606301)

MARC AUGUSTUS REDA (CRD #2757330, NEW YORK, NEW YORK)

March 21, 2022 – An Order Accepting Offer of Settlement was issued in which Reda was barred from association with any FINRA member in all capacities. Without admitting or denying the allegations of the complaint, Reda consented to the sanction and to the entry of findings that he recommended an unsuitable investment strategy to all of his customers. The findings stated that Reda failed to consider the substantial commissions and costs associated with his investment strategy that made it unlikely his customers could profit from it, and therefore that his recommendations were entirely unsuitable. (FINRA Case #2019063526901)

DAVID ROBERT MCDONNELL (CRD #1757401, LAGUNA BEACH, CALIFORNIA)

March 22, 2022 – An AWC was issued in which McDonnell was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, McDonnell consented to the sanction and to the entry of findings that he refused to produce information and documents as requested by FINRA. The findings stated that McDonnell was under investigation regarding claims that he participated in a private securities transaction by issuing promissory notes and conducted outside business activity by serving as a Trustee of a trust when he refused to provide documents. (FINRA Case #2022073798801)

MICHAEL JOSEPH GIANNETTI (CRD #5086716, MCKINNEY, TEXAS)

March 22, 2022 – An AWC was issued in which Giannetti was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Giannetti consented to the sanction and to the entry of findings that he refused to produce information and documents as requested by FINRA. The findings stated that Giannetti was under investigation regarding claims that he participated in undisclosed outside business activities when he refused to provide documents. (FINRA Case #2021071546601)

JEFFREY KARAKATSANIS (CRD #6911899, NEW YORK, NEW YORK

March 25, 2022 – An AWC was issued in which Karakatsanis was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Karakatsanis consented to the sanction and to the entry of findings that he engaged in conversion and improper use of funds. The findings stated that Karakatsanis, without authorization, reversed 96 fees totaling $2,833 charged to his own and a friend’s bank accounts using the computer of another bank employee to reverse the fees without that employee’s knowledge or consent and despite the deductions the bank had already made. (FINRA Case #2021072686001)

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