Transamerica Fined and Censored for Allegedly Failing to Properly File U5 Termination Form of Sally Samaris

stockbroker fraud attorneyIn November 2012, Transamerica reportedly filed an inaccurate Form U5 with FINRA on behalf of a former registered representative, Sally Samaris, which allegedly failed to disclose that Samaris had been charged with a felony, alleged conspiracy to commit theft (a scheme designed to defraud over 100 victims of hundreds of thousands of dollars in a fraudulent loan modification scheme), prior to her termination, according to a FINRA Letter of Acceptance, Waiver and Consent (AWC).

In September 2013, Transamerica also reportedly filed an inaccurate and misleading Amended Form U5 with FINRA, also for Sally Samaris, which stated that Samaris had not been charged with a felony prior to her termination and that the representative had not disclosed her arrest at the time of her resignation. Hence, Transamerica allegedly violated FINRA Rules, according to the AWC.

Transamerica Failed to Disclose Samaris’s Two Alleged Felony Counts of Conspiracy to Commit Grand Theft and Conspiracy to Commit Rent Skimming;  Agrees to a Censure and $50,000 Fine

On September 26, 2013, Transamerica filed an Amended Form U5 for Samaris, in which it disclosed that formal charges were brought on October 19, 2012, in Los Angeles Superior Court for Grand Theft, Conspiracy to Commit Grand Theft, Procuring and Offering False or Forged Document, Forgery, Rent Skimming, Perjury by Declaration, and Home Equity Sales Fraud against Samaris, according to the AWC.

However, Transamerica failed to disclose that Samaris was charged with a felony during her registration with Transamerica, and that the firm was aware of this information during her registration when she was terminated from the firm, the AWC reports.

As a result, FINRA has delivered Transamerica a censure and fine of $50,000.

Investment Rights Lawyers Investigating

The Peiffer Rosca Wolf investment rights 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 rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1225 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.