Benjamin Doyle Maleche Allegedly Sold Away Shares of Pre-IPO Offering Without Proper Notification to JP Morgan
Between March 23, 2012, and April 11, 2012, Benjamin Doyle Maleche, of Seattle, Washington, allegedly engaged in the sale of an investment company known only as TT, which offered funds comprised of pre-IPO shares, according to a FINRA Letter of Acceptance, Waiver, and Consent (AWC).
The AWC further alleges that Maleche, who entered the securities industry in July 2008 with a FlNRA member firm as a registered representative, fully endorsed TT as a viable investment group, but without the consent of hit broker-dealer, JP Morgan, and thus violated NASD and FINRA Rules.
Furthermore, between August 2010 and April 2011, Maleche allegedly coaxed JP Morgan customers into signing blank and incomplete JP Morgan documents, also in gross of violation of FINRA Rules, the AWC notes.
As a result of Maleche’s recommendations, four customers reportedly invested a combined sum of $535,600, yet Maleche allegedly never informed JP Morgan of his participation in the customers’ investments, the AWC reports.
Maleche Fined and Suspended
As a result of the Maleche’s alleged misconduct, FINRA recently suspended Maleche for nine months and fined him $5,000 for his participation in unapproved, private securities transactions, according to the AWC.
Maleche was a registered representative of Chase Investment Services, and then, from May of 2010 through November 2012, J.P. Morgan Securities. He was next affiliated with LPL Financial from January 2013 to May 2014, but, after reportedly hearing that Maleche was under investigation, he was terminated by LPL.
Investment Rights Lawyers Investigating
The Peiffer Rosca Wolf investor rights lawyers often represent investors who lose money as a result of investment misconduct, and are assisting any victims with the recovery of losses they may have suffered. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment misconduct may contact the investment rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Broker: Benjamin Doyle Maleche
Status: INVESTIGATED by Peiffer Rosca.
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