FINRA’s Department of Enforcement investigated Glavin and alleged he converted funds from one of his customers. Specifically, in or around January 2012, Glavin recommended the customer invest $45,000 in purported certificates of deposit issued by YUM! Brands (Kentucky Fried Chicken's parent company). However, the Yum! Brands certificates of deposit did not exist. As a result, instead of purchasing the certificates of deposit on behalf of the customer, Glavin converted the funds for his personal use and benefit. Of course, the customer neither authorized nor was aware Glavin syphoned funds from the client’s account to pay for his own personal expenses.
FINRA alleged Glavin’s misconduct violated several financial industry rules and regulations including FINRA Rules 2010 and 2510. FINRA Rule 2010 requires its members to exhibit “high standards of commercial honor and just and equitable principles of trade.” Here, Glavin improperly used his customer’s funds by converting the funds for his own personal benefit, and therefore, did not exhibit high standards of commercial honor and just and equitable principles of trade
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you lost money investing with Glavin while Country Capital employed him as a general securities representative, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation.