According to FINRA’s Disciplinary and Other FINRA Actions publication, Sean Anthony Spearman (CRD # 2945116) was barred from associating with any FINRA member and ordered to disgorge unlawful profits. FINRA Department of Enforcement alleged that in February 2009, Respondent Sean Spearman, while working for BMA Securities, Inc., liquidated a position held by a BMA customer to meet margin requirements. It is alleged that instead of selling the shares to the market and maximizing the return to his customer, Spearman bought the shares into his proprietary account, which he then sold to the street on the same day. FINRA alleged that he then gave the customer a price below the market and failed to inform the customer how the trades were done and the basis for the pricing. By these actions, Spearman made close to a $240,000 profit at the expense of the customer and the profit was not disclosed to the customer.
FINRA further alleged that Spearman also periodically executed customer sale orders by buying the position in his proprietary account at the market price, holding it and selling it to the market later the same day or the next day. (See FINRA Disciplinary Proceeding No. 2010023220501)
Sean Anthony Spearman was an active broker for 13 years with the following member firm(s):
MARTINEZ-AYME SECURITIES
CRD # 109838
MIAMI, FL
8/2014 – 12/2014
ASCENDIANT CAPITAL MARKETS, LLC
CRD # 152912
IRVINE, CA
3/2011 – 8/2014
BMA SECURITIES
CRD # 108219
IRVINE, CA
4/2007 – 2/2011
BROCKINGTON SECURITIES, INC.
CRD # 37438
RONKONKOMA, NY
1/2004 – 4/2007
FINRA EXPELLED THE FIRM IN 7/2010
- ALEXANDER SECURITIES, INC.
CRD # 7809
LOS ANGELES, CA
1/2003 – 11/2003
THE CAMELOT GROUP, INC.
CRD # 31091
FT. LAUDERDALE, FL
9/2001 – 2/2002
GRANITE FINANCIAL GROUP, INC.
CRD # 44732
SAN DIEGO, CA
11/2000 – 9/2001
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a free initial consultation.