Edward Stringer Samson Suspended for Allegedly Engaging in Private Securities Transactions of Own Company Without Proper Written Notice
From approximately November 2011 through about Debruary 2012, Edward Stringer Samson allegedly participated in private securities transactions without providing prior written notice to nor obtaining prior written approval from, his former firm, American Portfolios Financial Services, Inc. (APFS) according to a FINRA Letter of Acceptance, Waiver and Consent (AWC).
To be exact, the AWC further alleges that Samson, who first became registered with FlNRA as a General Securities Representative in 1995, directed a private offering by a startup software company known only as WS, in which he was the CEO and part-owner.
On information and belief, “WS” is allegedly Weston Software.
The AWC also notes that, in the offering, Samson allegedly sold approximately $525,000 in WS senior secured convertible promissory notes to 16 investors. The promissory notes that Samson allegedly sold were securities, and he used the funds received from the offering to pay WS’ operating expenses, including his own salary, the AWC reports.
In addition, in May of 2012, Samson allegedly completed an annual compliance questionnaire for American Portfolios in which he indicated that he had not engaged in any private securities transactions whilst associated with APFS, according to the AWC.
Said answer was allegedly inaccurate given Samson’s sale of WS senior secured convertible promissory notes, and hence, according to the AWC, he violated NASD and FINRA Rules.
As a result of his alleged misconduct, the AWC reports, Samson, who was terminated from APSA on November 9, 2012, has consented to the imposition of the following sanctions: a six-month suspension from association with any FINRA member in any capacity, and a $5,000 fine.
Investment Recovery Lawyers Investigating
The Peiffer Rosca Wolf investment recovery lawyers often represent investors who lose money as a result of investment misconduct. 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 recovery 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: Edward Stringer Samson
Status: INVESTIGATED by Peiffer Rosca.
For brokercheck report and additional info click here!