Penny stock firms that proliferated so abundantly in the 1980s are now one fewer. Yesterday, FINRA recently expelled broker-dealer Barron Moore and disciplined 7 individuals for violations arising from the illegal sale of unregistered penny stocks. The individuals include 5 registered representatives formerly associated with 3 different firms ? Barron Moore, Midas Securities and Milestone Group Management.
“Retail brokers are the first line of defense for the markets,” said Susan L. Miller, Executive Vice President and Chief of Enforcement for FINRA. “Brokerage firms and their employees must take action to ensure that they are not participating in illegal sales of unregistered securities. In this case, the respondents failed to take appropriate action and illegally sold millions of shares of unregistered securities in the public marketplace.”
Most of the illegal sales involved shares of the company iStorage Networks.
Page Perry is an Atlanta-based law firm with over 125 years collective experience representing investors in securities-related litigation and arbitration. While past results are not indicative of future success, Page Perry’s attorneys have recovered over $1,000,000 for clients on more than 30 occasions. Page Perry’s attorneys are actively involved in representing individual and institutional investors regarding their investment problems. For further information, please contact us.