FINRA’s Department of Enforcement investigated Adcock and alleged he misappropriated $10,000 in proceeds from a private placement offering that was sponsored by an unregistered investment adviser. According to FINRA, Adcock stole the funds by drafting a check made payable to cash and then depositing the funds in his personal account for his personal use and benefit.
FINRA alleged Adcock misconduct violated several financial industry rules and regulations including FINRA Rule 2010. FINRA Rule 2010 requires its members to exhibit “high standards of commercial honor and just and equitable principles of trade.” Here, Adcock improperly used proceeds from a private placement offering 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 either investing with Adcock while Regal Securities 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.