NAC Decision: Miami Broker Barred From Industry, Brokerage Firm Expelled
On March 16th, 2022, the National Adjudicatory Council (NAC) issued a decision in the matter of
Department of Enforcement vs. Dakota Securities International, Inc. and Bruce Martin Zipper of Miami, FL. Finding violations of securities industry regulations, broker Bruce Martin Zipper (CRD#: 1019731) was barred from the industry and his firm Dakota Securities International (CRD#: 132700/SEC#: 8-66626) was expelled. In this article, our Miami investment fraud attorneys provide a comprehensive review of the decision from the National Adjudicatory Council.
Background: Bruce Martin Zipper Founded Dakota Securities International
Bruce Martin Zipper originally entered the securities industry in 1981. In 2004, he founded the firm Dakota Securities International in Miami, Florida. Prior to 2018, Mr, Zipper was the Chief Executive Office (CEO) and majority owner of the brokerage firm. At that time, the controlling interest in the brokerage firm was sold to his wife.
Notably, in 2016, Mr. Zipper was suspended from the securities industry for three months and statutorily disqualified for securities law violations. FINRA determined that Mr. Zipper failed to make proper disclosures regarding past violations, including judgments/liens that were entered against him. Investors have the right to full and accurate information about their financial professionals.
Allegations: Zipper Continued to Run Brokerage Firm While Suspended
According to allegations raised by FINRA’s Department of Enforcement, Miami broker Bruce Martin Zipper continued to continue to operate and manage Dakota Securities International while he was suspended—a serious violation of securities industry regulations. FINRA’s Department of Enforcement also contends that some of the firm’s records were falsified in order to conceal Mr. Zipper continued work during his suspension and statutory disqualification period. The brokerage firm was cited for failure to adequately supervise its securities professionals. Mr. Zipper appealed the initial findings entered against him and the brokerage firm he founded.
NAC Decision: Bar for Zipper, Expulsion for Dakota International
After reviewing the full allegations, the NAC decided to eliminate one of the two initial $100,000 fine that were imposed on Bruce Martin Zipper in his personal capacity. However, the NAC still held that Mr. Zipper and Dakota International Securities engaged in serious misconduct. For his wrongdoing, Miami financial broker Bruce Martin Zipper has been barred from the securities industry. In addition, Dakota International Securities has been expelled from the securities industry. The NAC still imposed a $100,000 fine on Mr. Zipper and a separate $100,000 fine on Dakota International.
Get Help From a Securities Fraud Attorney in Miami, Florida
At Carlson & Associates, P.A., our Florida securities fraud lawyers are dedicated to protecting the best interests of investors. If you sustained significant financial losses because a securities professional or a brokerage firm acted in a negligent or unlawful manner, we are ready to help. Give us a call today to set up your strictly confidential initial case review. With an office in Miami, our legal team handles the full range of investment fraud claims in South Florida and beyond.
Resources:
finra.org/sites/default/files/fda_documents/2016047565702%20Dakota%20Securities%20International%2C%20Inc.%20CRD%20132700%20Bruce%20Martin%20Zipper%20CRD%201019731%20NAC%20sl.pdf
brokercheck.finra.org/firm/summary/132700
brokercheck.finra.org/individual/summary/1019731
