Have you lost money with financial advisor Mark Beloyan of Davie, Florida? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Mark Beloyan. FINRA filed a regulatory complaint against Beloyan and TradeSpot Markets, Inc., in which Beloyan is the President, Chief Operating Officer, Chief Compliance Officer, and owner.
FINRA alleged that Beloyan and another financial advisor at TradeSpot Markets recommended penny stocks to customers without complying with Rule 15g-9 of the Securities and Exchange Act of 1934. FINRA further alleged that Beloyan failed to make affirmative determinations of suitability, in violation of this rule. FINRA notes that this conduct occurred while trading shares of Mondial Ventures, Inc. and STW Resources Holding Corp. It was alleged that Beloyan often entered information on the customer’s suitability form after the customer had signed it. FINRA seeks to fine Beloyan and TradeSpot Markets for this conduct.
Mark Beloyan is a financial advisor and registered representative of TradeSpot Markets, Inc. from 1992 to the present. He works at a branch office in Davie, Florida. Beloyan has been in trouble twice before with FINRA regarding sales practices violations, including at least once for penny stock issues.
Brokerage firms like TradeSpot Markets have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Florida. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
