Unauthorized Private Securities Transactions Land Judah Spinner in Trouble with FINRA

Judah Spinner violated FINRA Rules 3280 and 2010 by engaging in 41 private securities transactions totaling over $1 million without providing his firm with prior written notice. As a result of these violations, FINRA imposed a 12-month suspension and a $10,000 fine.

Spinner first became registered with FINRA in 2019. He worked as a General Securities Representative for PFS Investments Inc. from February 2021 to December 2021, and again from January 2022 until January 2024. PFS Investments discharged him in January 2024 for participating in an unapproved outside business activity. Spinner is not currently registered with any FINRA member firm.

FINRA Rule 3280 requires registered representatives to give their firm prior written notice before participating in any securities transaction outside the scope of their employment. This includes disclosing the nature of the transaction and any compensation received. Rule 2010 requires representatives to conduct themselves with integrity and adhere to just and equitable business principles. For example, a representative must inform their firm before selling promissory notes on the side, or before referring clients to an unapproved investment opportunity.

According to FINRA, Spinner violated both rules by soliciting 30 individuals to invest in a private investment fund. He provided marketing materials, fielded investor questions, and facilitated the execution of transactions — all without notifying his employer. These transactions involved over $1 million in total investments and occurred over a nearly three-year period. Because he failed to notify his firm and acted outside the scope of his approved duties, Spinner's conduct violated both Rule 3280 and Rule 2010.

Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.

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