Joseph Yanofsky— Unauthorized Stock Purchases

Cleveland stockbroker fraud lawyerJoseph Yanofsky, a Former Merrill Lynch Broker, Allegedly Exercised Discretion in Nine Customers’ Accounts when He Purportedly Made Unauthorized Stock Purchases without Written Authorization from His Member Firm

Joseph Yanofsky allegedly exercised discretion in nine customers’ accounts without written authorization, according to a recent Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

Investors who believe they may have lost money in activity related to Joseph Yanofsky‘s alleged unauthorized stock purchases are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

The Peiffer Rosca Wolf securities lawyers are currently investigating Joseph Yanofsky‘s alleged unauthorized stock purchases.

Yanofsky, who was employed by Merrill Lynch in its Greenwood Village, Colo., office from 1990 to 2015, allegedly did not have written authorization to exercise discretion on behalf of any of the nine customers referenced above, and in many cases, he participated in syndicate offerings on their behalf without having obtained even verbal authorization at any point following the offering’s launch, the aforementioned AWC notes.

What is more, Yanofsky, starting in June of 2014, allegedly directed a subordinate employee on numerous occasions to enter certain trades using the login credentials of another registered representative and thus purportedly causing order tickets to be inaccurate.

Finra fines former Merrill broker $10,000 for unauthorized stock purchases

Joseph Yanofsky Fined $10,000 by FINRA for Allegedly Arranging Stock Buys without Getting Customers’ Approval

Joseph Yanofsky, based on the alleged foregoing behavior, allegedly violated NASD and FINRA Rules, according to the aforementioned AWC currently under review by attorneys Alan Rosca and James Booker.

Hence, Yanofksy has been fined $10,000 by FINRA, the AWC notes. NASD Rules prohibit the exercise of discretion in a customer’s account unless such customer has given prior written authorization, and that the account has been accepted by said member, the AWC notes.

Yanofsky, since 2015, has been affiliated with First Financial Equity Corp., and started his career in 1979 at Merrill Lynch and joined E.F. Hutton in 1982, and has also has been affiliated with Paine Webber and Hanifen Imhoff, the AWC reports.

One should also note that, according to the AWC, Joseph Yanofsky 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 investment fraud and are currently investigating Joseph Yanofsky‘s alleged unauthorized stock purchases. 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 Joseph Yanofsky‘s alleged unauthorized stock purchases 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 arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1214 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.