FINRA Suspends Christopher Anthony Fernan
The broker is accused of violating FINRA rules by borrowing money from a client
In May of this year, the Financial Industry Regulatory Authority (FINRA) contacted broker Christopher Anthony Fernan to get information involving a customer dispute. Because he failed to respond to the agency, he received a three-month suspension, which was lifted on September 20.
Fernan has been accused of borrowing $11,500 from a customer and only paying back $4,000. When Fernan’s firm – Salomon Whitney Financial – learned about his actions from the client in February of 2017, Fernan was fired.
According to FINRA rules, no one who is registered with a member firm is allowed to borrow money from a customer unless certain conditions are met, such as the creation of written procedures or if the customer is a family member.
Christopher Fernan began his career in the securities industry in June of 2011 when he started with Wells Fargo Advisors, LLC of Smithtown, NY. Since then he has worked for Global Arena Capital Corp of Melville, NY; Freedom Investors Corp. of Brookfield, WI; Rockwell Global Capital LLC of Melville, NY; and finally, Salomon Whitney, also located in Melville. As of January 2016, Global Arena is no longer in operation, having been expelled by FINRA.
In addition to the most recent charges, Fernan has been involved in other customer disputes, with allegations against him that include unsuitability and fraud. In one case that is still pending, a customer is seeking more than $90,000 in damages.
To learn more about Christopher Anthony Fernan, his work history, and his disclosures, you can read his BrokerCheck report.
If you lent money to your broker – and were perhaps coerced into doing so – you need to take action. To learn about your options, get in touch with the Silver Law Group. Our attorneys are leaders in the field of securities arbitration and elder financial fraud. We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities, and Financial Fraud Group and routinely represents investors in securities arbitration claims.
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