John Paul Corsi—Outside Business Activity
John Corsi Allegedly Engaged in Outside Business Activity without Obtaining Proper Written Approval from WRP Investments; Allegedly Participated in Private Sales Totaling $1,790,041
John Corsi allegedly engaged in outside business activity without obtaining proper written approval from WRP Investments, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.
John Paul Corsi, from November 2009 through August 2013, allegedly took part in “private sales of $1,790,041 worth of securities” issued by his outside business activity, the aforementioned AWC notes.
John Paul Corsi also allegedly failed to provide notice to WRP or obtain its approval to participate in any of the aforementioned private security sales, the AWC further alleges.
John Paul Corsi, from November 2009 until August 2013, allegedly regarding three of Corsi’s WRP customers, allegedly recommended that said customers invest a large amount of their stated net-worth in the securities issued by his outside business activity, which also allegedly held a large risk, the AWC notes.
John Paul Corsi, who has held securities registrations with seven broker dealers since January 1991 and became registered with WRP in July of 2004, also allegedly maintained outside employment with Argent of Nevada, a judgment collection firm, the AWC also reports.
John Paul Corsi allegedly only described his position at the aforementioned outside business activity as “manager of sales and customer service”, the AWC reports.
In addition, John Paul Corsi did not properly notify WRP regarding his position in fundraising for the company, the AWC relates.
Corsi was obligated to disclose the full breadth of his involvement with Argent of Nevada, and as he allegedly failed to do so, allegedly violated NASD and FINRA Rules, the AWC also reports.
It should also be noted that WRP was acquired by Sterne Agee Financial Services, Inc. in April of 2014.
The Peiffer Rosca Wolf securities lawyers are currently investigating John Paul Corsi’s alleged outside business activities.
John Paul Corsi Allegedly Made Unsuitable Recommendations and Therefore Violated NASD and FINRA Rules
John Corsi, from November 2009 through August 2013, allegedly recommended that customers invest a significant portion of their stated net-worth in the securities issued by his outside business activity, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) presently being examined by attorneys Alan Rosca and James Booker.
Said recommendations allegedly also contained a heightened risk, the aforementioned AWC notes.
Corsi, based on the aforementioned behavior, allegedly violated NASD and FINRA Rules, the AWC also reports.
John Corsi is not currently registered with a FINRA member, but remains subject to FINRA jurisdiction, the AWC also states.
Corsi has spent over 20 years in the securities industry and has been registered with Sterne Agee Financial Services in Parma, Ohio.
One should also note that, according to the AWC, John Corsi neither admitted nor denied the FINRA findings.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged outside business activity and are currently investigating John Corsi’s alleged outside business activity. 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 John Corsi’s alleged outside business activity may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at email@example.com or firstname.lastname@example.org.