Jefferey William Dyra, an Illinois former broker and registered investment adviser, was barred by the Financial Industry Regulatory Authority (FINRA) on the allegations of failing to comply with FINRA’s request for documents and information which is a violation of FINRA Rule 8210 and 2010, according to an investigation by investor rights attorney, Alan Rosca.
Investor rights attorney Alan Rosca, of the Rosca Scarlato LLC law firm is investigating conduct related to alleged the violation of FINRA Rules by Jefferey Dyra in his refusal to respond to FINRA’s request for documents and information. Prior to this allegation, Jefferey Dyra was a registered broker with Banker Life Securities Inc, a FINRA member firm. However, he was not in the employment of any firm as at the time this allegation was brought against him in 2019.
Jefferey Dyra Barred by the Financial Industry Regulatory Authority for Failure to Respond to the Request for Information and Provide Documents
According to reports on his FINRA Brokercheck page, Jefferey Dyra was barred indefinitely in all capacities on the allegations of his failure to produce the documents and other information requested by FINRA in an investigation against him. The alleged conduct of former broker Jefferey Dyra is a violation of FINRA Rule 8210 which mandates every person subject to the jurisdiction of FINRA to provide information required for any investigation upon request from FINRA.
According to the reports, ex-Bankers Life Securities broker Jefferey Dyra was the subject of an investigation conducted by FINRA on the allegations of misappropriation of funds of a customer of an affiliate of his member firm and other conduct which violated the federal securities law. According to the Uniform Termination Notice for Securities (From U5) filed by his previous employer, Jefferey Dyra was alleged to have directed a client of an affiliate firm to pay two checks to him personally for the purchase of non-specified annuities. He allegedly received $31,500 from the payment of the checks from the client and the funds were not used to purchase the initially agreed annuities.
Generally speaking, broker misconducts involving misappropriation or conversion of client’s funds often involves the production of forged letters of authorization that convince the customers to pay the sum directly into a personal account controlled by the broker, or the broker directly moving the funds from the customer’s accounts to other personal accounts controlled by the broker. Such misconduct can also include the borrowing of clients’ funds and the refusal to pay such back or the unsolicited withdrawal or unauthorized trading in customers’ accounts.
The allegations in Jefferey Dyra’s case were settled with an Acceptance, Waiver & Consent (AWC) order. Without admitting or denying the findings against him, Jefferey Dyra allegedly consented to the AWC which barred him from associating in any capacity with any FINRA member.
Jefferey Dyra Settled a Customer Dispute Based on The Same Allegations
Based on the same allegations pursuant to which Jefferey Dyra was barred from associating with any FINRA member, he also settled a customer dispute brought against him. The customer was a client of Bankers Life and Casualty, an affiliate firm with Bankers Life Securities which Jefferey Dyra was associated with at that time. He was alleged to have received two checks of $8000 and $23,500 from the client for the purposes of purchasing annuities, but he allegedly did not use the funds to do that. The client sought $31,500 in damages, but the dispute was eventually settled for $54,078.41, according to FINRA reports.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Invested with Jefferey Dyra? Investor Rights Attorney Investigating
Invested with Jefferey Dyra? Investor Rights Attorney InvestigatingThe Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conducts related to Jefferey Dyra’s bar from failure to respond to FINRA’s request for information and documents. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Alan Rosca, an investor rights attorney and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of conducts related to Jefferey Dyra’s bar from failure to respond to FINRA’s request for information and documents may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.