Florida Broker Fined, Suspended By FINRA for Rule 2010 Violations
Angel Simpson (CRD#: 6488474) is a FINRA registered securities broker. From July of 2015 through July of 2019, Ms. Simpson was a representative of AXA Advisors in Orlando. Since the summer of 2019, she has been associated with GWN Securities Inc, also in Central Florida.
On December 15th, 2020, Ms. Simpson was fined $5,000 and suspended for 45 days by FINRA for allegedly impersonating several of her former customers on a phone call. Here, our Miami investment fraud attorneys explain the allegations against the broker.
FINRA Sanctions: Angel Simpson Formerly of AXA Advisors
The Financial Industry Regulatory Authority (FINRA) launched an investigation into Florida securities broker Angel Simpson after receiving notice that her former employer was conducting an internal investigation into her professional conduct. Specifically, the broker-dealer was investigating allegations that she improperly accessed private customer information nearly two months after leaving the firm.
In its inquiry, FINRA determined that Ms. Simpson violated FINRA Rule 2010 (Disciplinary Action NO. 2019063651401). According to the findings, she impersonated seven customers on phone calls after resigning from the member firm. She received sensitive information and processed transactions. Notably, FINRA stressed that Ms. Simpson received no compensation in relation to the violative conduct.
Nonetheless, by doing so, she caused her member firm to violate strict securities industry regulations, including requirements that sensitive customer information is protected from unauthorized disclosures to nonaffiliated third parties. She was fined $5,000 and suspended for 45 days. Without admitting to or denying any of the allegations raised by the agency, former AXA Advisors broker Angel Simpson consented to the penalties.
FINRA Rule 2010 is a Powerful Tool to Hold Brokers Accountable
Under FINRA Rule 2010, all registered representatives are required to “observe high standards
of commercial honor and just and equitable principles of trade.” Failure to do so is a breach of professional standards of conduct. Although FINRA Rule 2010 is short, it is one of the most powerful enforcement tools that is available to securities regulators.
FINRA can use this rule to take enforcement action against a registered representative who engages in any type of improper conduct that may not necessarily be covered by other more explicit securities industry regulations. An investor can bring a legal claim based on a FINRA Rule 2010 violation. If you suffered financial losses due to the improper conduct of your financial advisor, they may have violated FINRA Rule 2010 or other securities industry regulations.
Contact Our Florida FINRA Claims Lawyers Today for Private Consultation
At Carlson & Associates, P.A., our Florida investment fraud attorneys are advocates for our clients. We have deep experience with the FINRA arbitration process. If you have any questions about your right to recover financial compensation for investment losses, we are qualified to help. Contact us now for a fully private review of your case. From our office in Miami, we are proud to represent investors in Southeastern Florida and throughout the wider region.