FINRA Expels APS Financial for Targeting Elderly Investor
The Financial Regulatory Authority (FINRA) expelled APS Financial Corporation out of Austin, TX for overcharging an elderly investor $1.2 million in excessive markups of as much as 67%. Additionally, they permanently barred the firm’s former President, George Conwill, and one of the firm’s former brokers, Peter Aman, from the securities industry according to the FINRA News Release.
FINRA determined that Mr. Aman charged markups ranging from 4.15% to fraudulently excessive markups of as much as 67%, with 43 of the fraudulently excessive markups made in accounts of one single elderly investor. APS Financial was found to have inadequate supervisory controls in place; that they failed to properly and adequately supervise their registered representatives; and that they violated FINRA Rules relating to trading corporate high yield bonds, collateralized mortgage obligations and collateralized debt obligations.
If you have been the subject of elder financial abuse, please contact our securities law firm for a confidential, no obligation consultation at 1-800-259-9010.