James E. Rooney—Failing to Supervise a Registered Representative Who Engaged in Two Private Securities Transactions

James E. Rooney Allegedly Failed to Supervise a Registered Rep Who Took Part in Two Private Securities Transactions of So-called “Tax Deductible Installment Plans” issued by the National Foundation of America (NFOA)

James E. Rooney, of Fox Financial and of Carrollton, Texas, allegedly failed to supervise a registered rep who took part in two private securities transactions of so-called “tax deductible installment plans” issued by the National Foundation of America (NFOA), according to a FINRA Letter of Acceptance, Waiver and Consent (AWC).
Fox Financial’s main business was selling private placements in real estate investment trusts (REITs) and Rooney was the firm’s President from 2005 until the time Fox was no longer a FINRA member.

James E. Rooney, Involved in NFOA, Allegedly Engaged in Private Securities Transactions, Made Unsuitable Recommendations, Barred by FINRA

James E. Rooney allegedly helped promote NFOA, whose owner solicited more than $30 million in elderly clients, and also allegedly engaged in private securities transactions, and made unsuitable recommendations, according to the AWC.

As a result, Rooney violated FINRA Rules, and, hence, has been suspended in all capacities for a total of 23 months, suspended in all principal or supervisory capacities for 18 months, fined $72,500, and ordered to re-qualify as a general securities representative and general securities principal for, according to a Complaint from FINRA’s Department of Enforcement.

In addition, Rooney has been barred by FINRA, the AWC notes.

The Peiffer Rosca Wolf Securities Lawyers Often Help Investors

The Peiffer Rosca Wolf securities lawyers are assisting investors who lose money as a result of firms failing to supervise reps, and are interested in talking to NFOA investors. 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 inadequate supervisory systems are encouraged to contact the securities 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: James E. Rooney

Status: INVESTIGATED by Peiffer Rosca.

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Alan Rosca (1123 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.