Andrew Henry Conley, a stockbroker with B.B. Graham & Company, Inc. in Riverside, California, was suspended for failing to timely update his Form U4 to disclose various unsatisfied tax liens totaling $476,599.57.
FINRA requires that the Form U4 be “current at all times” and stockbrokers disclose relevant facts that affect whether an investor would do business them. FINRA operates an online stockbroker database, BrokerCheck, as a resource for investors to research stockbrokers and determine who is trustworthy. Mr. Conley’s failure to amend his Form U4 in a timely manner prevented FINRA from updating his profile on BrokerCheck with the investor’s tax liens, judgments, and arbitration awards.
Potential clients investigating a broker would want to know if Conley is in financial distress, for several reasons. It makes sense that Conley would delay in releasing tax liens to FINRA. Such information could worry investors and stop them from trusting Conley with their money as he clearly lacks the prudence to remain current on his taxes.
While Conley has no previous disciplinary history, knowing that a stockbroker is currently in financial trouble is crucial information for investors to be aware of. Because Conley owes a hefty sum to the IRS, he may be more apt to suggest riskier stocks to his customers or engage in unauthorized trading in order to pull himself out of the financial deficit.
Conley consented to the findings that he willfully failed to timely update his Form U4 to disclose his various liens and was suspended from association with any FINRA member for three months.
If you believe that your financial advisor misled you about his financial status or qualifications and lost your money, you may be able to recover your losses. Contact the attorneys at Investor Defense Law LLP to learn more.
Investor Defense Law LLP is a national law firm dedicated to helping investors recover losses caused by stockbrokers, financial advisers, and investment firms. To learn more, contact an investment fraud attorney at 800.487.4660.