Ralph Irwin Pence Allegedly Took Part in Two Outside Business Activities Involving Wealth Advisors Trust Company
Commencing in 2009, and continuing through 2013, Ralph Irwin Pence engaged in two outside business activities without proper prior written notice to his member firm, Hornor, Townsend & Kent, Inc. (HTK), a subsidiary of the Penn Mutual Life Insurance Co., according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).
In addition, the AWC alleges that Pence also provided inaccurate responses regarding his outside business activities involving Wealth Advisor’s Trust Company (WATC) on his annual compliance certification forms from 2009 through the years 2012.
As a result of his alleged misconduct, Pence was suspended and fined by FINRA.
On December 5, 2008, Pence first sought legitimate approval from HTK to engage in the outside business of WATC, an administrative trust company marketed to brokers and financial advisors, the AWC notes.
The FINRA document goes on to report that, when asked about the nature of the business, Pence allegedly indicated “Third Party Administration,” and described himself as a “proprietor/owner” and “director” of WATC.
On April 1, 2009, the HTK denied Pence’s request, and, in addition, also issued an internal reprimand to Pence, who later, on August 20, 2012, allegedly submitted a new request for approval of WATC as an outside business activity, the AWC alleges.
HTK denied Pence’s request, yet he allegedly remained actively involved with WATC as a partner in the business and a consultant to his partners from April, 2009 through his termination from the Firm on October 1, 2013, the AWC further reports.
Specifically, the FINRA AWC alleges, Pence allegedly consulted and advised on the marketing of WATC, as well as other areas.
Investor Rights Lawyers Investigating
The Peiffer Wolf Carr & Kane 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 Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.
Broker: Ralph Irwin Pence
Status: INVESTIGATED by Peiffer Rosca.
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