Erez Law is investigating claims regarding Jerry Irvin Chancy (CRD #1787712, Savannah, Tennessee). Chancy recently submitted an AWC in which he was barred from association with any FINRA member in any capacity. See FINRA Case #2014043629801. Chancy formerly was associated with Legend Equities Corp. (November 2006-January 2015). FINRA found that Chancy refused to appear for FINRA-requested on-the-record testimony regarding an investigation into whether he had engaged in an unapproved outside business activity and/or engaged in an unapproved private securities transaction. In entering into the AWC, Chancy neither admitted nor denied FINRA’s findings.
FINRA Rule 3040, formerly NASD Rule 3040, provides that a broker may only sell securities with the knowledge and approval of his or her firm. When a broker sells securities without processing the order through the firm and without the firm’s permission or knowledge, this violates FINRA rules and is known as “selling away.” Federal and state law define securities broadly. Therefore, even products such as leasing arrangements or promissory notes, may be securities which require firm approval. Selling away often involves investment securities that are in the form of a private placement or other non-public investment.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Legend Equities Corp., may be liable for investment or other losses suffered by Beemer’s customers.
If you were a client of Legend Equities Corp. or Chancy, and have suffered investment losses or financial irregularities or invested in promissory notes or limited partnership agreements, please contact Erez Law to explore your legal options, Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”
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