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The Securities Arbitration Law Firm of KlaymanToskes announced today that it is investigating potential claims against Jefferson Pilot Securities and Sammons Securities, both Financial Industry Regulatory Authority (“FINRA”) registered brokerage firms, on behalf of customers of Darin Bradley Whittington. On June 21, 2012, Whittington and FINRA entered into an Acceptance, Waiver and Consent for purposes of settling alleged rule violations brought by FINRA.
According to FINRA, between April 1, 2008 and June 30, 2009, while registered with Jefferson Pilot and Sammons, Whittington participated in at least 40 private securities transactions by referring customers from his firm-approved outside business to invest in a security (foreign currency exchange) offered by Oxford Global Advisors (“Oxford”). The Oxford foreign currency exchange later was determined to be a Ponzi scheme. Whittington received a finder’s fee as compensation for 29 of the transactions. The Oxford transactions took place outside Whittington’s regular course of employment at Jefferson Pilot and Sammons. Whittington failed to provide either firm with notice of his involvement in these transactions nor did he receive prior written approval for the transactions. Based upon this conduct, according to FINRA, Whittington violated NASD Conduct Rules 3040 and 2110 and FINRA Rule 2010.
Under FINRA Rules, Jefferson Pilot Securities and Sammons Securities were obligated to properly supervise the activities of Whittington during the time he was registered with these brokerage firms. Accordingly, these firms may be liable for failing to supervise Whittington’s activities while with these firms, and could potentially be responsible for compensating customers of Whittington for their losses.
If you were a customer of Darin Bradley Whittington, please contact KlaymanToskes to speak with one of our securities arbitration attorneys. You may be eligible to file a lawsuit or claim in order to recover your investment losses.