FINRA Makes Preliminary Determination To Recommend Disciplinary Action Against Robert Henderson For Allegedly Participating In Undisclosed Outside Business Activities
Robert Henderson (CRD # 1160413) was a former Financial Advisor at IFS Securities in Miami Lakes, FL. Robert Henderson has been in the securities industry since 1984 and previously worked at First American Capital and Trading Corporation, 1st Discount Brokerage, Acument Securites, Delta Equity Services Corporation, Securities America, Inc. and First Montauk Securities Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 8, 2019, FINRA “made a preliminary determination to recommend that disciplinary action be brought against Henderson alleging violations of FINRA Rules 3270 and 2010 in that Henderson participated in undisclosed outside business activities; and violations of Article V, Section 2(c) of FINRA’s By-Laws and FINRA Rules 1122 and 2010 in that Henderson willfully failed to timely amend his Form U4.”
For a copy of the FINRA complaint, click https://www.finra.org/sites/default/files/fda_documents/2017053462401%20Robert%20Henderson%20CRD%201160413%20Complaint%20va.pdf
In addition, Robert Henderson has been the subject of eight customer complaints, including the following:
• October 2002 – “CLIENT ALLEGED THAT LOSSES IN HIS ACCOUNT WERE THE RESULT OF UNAUTHORIZED TRADING.” The matter settled for $48,500.
• May 2002 – “CUSTOMERS ALLEGE UNAUTHORIZED TRADING ACTIVITY AND BREACH OF FIDUCIARY DUTIES. ALLEGATIONS ARE BASED ON ACTIVITY THAT OCCURRED IN THE ACCOUNT FROM OCTOBER OF 1998 THROUGH MAY OF 2000.” The matter settled for $40,000.
• October 2001 – “CUSTOMERS ALLEGE UNAUTHORIZED TRADING IN ACCOUNTS, EXCESSIVE TRADING, EXCESSIVE COMMISSIONS AND SUITABILITY ISSUES.” The matter settled for $35,000.
• January 1999 – “CUSTOMER ALLEGES UNAUTHORIZED OPTION TRADES IN ACCOUNT THROUGH DFLTA EQUITY SERVICES CORP.” The matter settled for $10,000.
• November 1998 – “ALLEGED UNSUITABLE TRADES.” The matter settled for $60,000.
Robert Henderson also discloses on his CRD seven 2014 tax liens totaling nearly $1 million.
For a copy of Robert Henderson’s CRD, click https://brokercheck.finra.org/individual/summary/1160413
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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