Isn’t Securities Fraud A Crime? Why No Summit Brokerage Stories in the Local Media?

via ifawebnews:

“Timothy David Cochrane, a registered representative from Eureka, Calif., made false representation to the customer that he would use the funds to purchase a variable annuity for the customer. FINRA investigators found that Cochrane deposited the funds into a bank account under his control and converted the funds to his own use to pay for personal expenses. He never purchased the variable annuity.

Cochrane also received $450,000 from another customer after he made the false representation to the customer that he would use the funds to invest in a money market fund for the customer, according to FINRA records. Cochrane deposited the funds into a bank account under his control and converted the funds to his own use and he never invested in a money market fund for the customer. Cochrane prepared a customer planning document for the customer purporting to show a $452,757.25 balance in a money market fund. The document was materially false because Cochrane never opened a money market fund for the customer, FINRA records show.”

http://ifawebnews.com/2012/06/12/california-man-barred-by-finra-for-making-two-false-representations/

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2 Responses to “Isn’t Securities Fraud A Crime? Why No Summit Brokerage Stories in the Local Media?”

  1. Sue Johnson Says:

    I don’t understand why this is not in our local paper either. He was in business for years in Eureka. What gives?

  2. Mary Jones Says:

    I hope he gets prosecuted for what he did. He should not get away with stealing from people. I don’t care how bad his health is!

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