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Our law firm is investigating American Portfolios Financial Services, Inc. (“American Portfolios” or “the Firm”) in connection with the supervision of Edward Stringer Samson (“Samson”), CRD No. 2034407. On November 3, 2014, Samson and FINRA entered into a Letter of Acceptance, Waiver and Consent (“AWC”), in connection with allegations of selling away. Selling away occurs when a representative sells an investment that is not approved for sale by his broker-dealer. In the AWC, Samson consented to a six month suspension from associating with any FINRA member, and a $5,000 fine.
According to the AWC, “from in about November 2011 through in or about February 2012, Samson participated in private securities transactions without providing prior written notice to, and obtaining prior written approval from, the Firm. Specifically, Samson directed a private offering by WS, a startup software company in which he was the CEO and part-owner. In the offering, Samson sold approximately $525,000 in WS senior secured convertible promissory notes to 16 investors.” On information and belief, “WS” is Weston Software.
The AWC further states, “The promissory notes that Samson sold were securities. Samson used the funds received from the offering to pay WS’ operating expenses, including his own salary. Moreover, in May 2012, Samson completed an annual compliance questionnaire for American Portfolios in which he indicated that he had not engaged in any private securities transactions while associated with the Firm. This answer was inaccurate given Samson’s sale of WS senior secured convertible promissory notes. By reason of the foregoing, Samson violated NASD Conduct Rule 3040 and FINRA Rule 2010.”
If you invested with Samson, please contact our law firm, toll free, at 888-997-9956.