Corporate & Securities Law

Kelvin Koma, William Gray, Dermot Graham Cited By FINRA

By Steven Caruso

Kelvin Koma, a former financial adviser with JP Morgan Chase Bank, has been barred from associating with any member of the Financial Industry Regulatory Authority (FINRA). FINRA imposed the sanction over allegations that Koma obtained ATM cards belonging to customers of his member firm?s affiliated bank and then used the cards to make unauthorized withdrawals from customers? accounts for his own personal use.

Other recent disciplinary actions taken by FINRA include those against:

• William J. Gray, former financial adviser for AXA Advisors LLC. Gray was barred from association with any FINRA member in any capacity for allegedly forging the signatures of a customer, as well as those of brokers of his member firm, on paperwork related to the customer?s purchase of a variable annuity.

• Dermot A. Graham, former registered representative with PFS Investments. Without admitting or denying the allegations, Graham consented to FINRA?s entry of findings that he wrongfully and without authorization converted $8,666.12 in funds for his own use by securing debit or credit cards linked to customers? accounts and used the cards for his personal benefit without the individuals? knowledge or consent.

• Ronald Dwayne James, former registered representative with TD Ameritrade. James was barred from associating with any FINRA member over allegations that he conducted securities transactions in a customer?s account without that customer?s prior authorization or consent.

If you suffered investment losses because of fraud, unauthorized trading, conversion or misrepresentation on the part of the above individuals, please contact us.

Full post as published by Representing Investors on December 16, 2009 (boomark / email).