Close Menu
Free Consultation: 305-965-1373

Financial Advisor Adam Vernon Barred By FINRA After Termination From Quester Capital

Financial Advisor Adam Vernon Barred has been barred from the financial industry by the Financial Industry Regulatory Authority (FINRA) following his termination from Quester Capital in February 2017. According to regulatory reports, Vernon was fired from Questar for “fail[ing] to report an outside business activity on a timely basis in violation of firm policies and procedures.”

According to FINRA, from July 2015 to December 2016, Vernon participated in private securities transactions without first providing notice to his employer, Questar Capital. FINRA claims this violated Questar’s written supervisory procedures, NASD Rule 3040 and FINRA Rules 3280 and 2010.

In July 2015, Vernon created a company, Contract Funding and Corporate Management. Vernon was the president of the company. Contract Funding and Corporate Management provided a line of credit to another company which used the funds to fulfill government contracts. Some of the profits from the government contracts were then shared with Contract Funding and Corporate Management.

According to FINRA, Vernon raised $1.74 million for Contract Funding and Corporate Management from clients of Questar Capital and $50,000 from one person who was not a client. Under Questar’s firm rules, employees are not allowed to raise capital for companies that they own. Therefore, FINRA alleges that Vernon violated Questar’s rules, NASD Rule 3040 and FINRA Rules 3280 and 2010.

Vernon agreed to a bar from association with any FINRA member firm. Vernon appears to have no customer complaints on his record. Prior to being employed by Questar, Vernon was licensed with LPL Financial, Mutual Service Corporation, American General Securities Incorporated, and Franklin Financial Services Corporation.

 

 

Facebook Twitter LinkedIn Google Plus
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • Gary Pevey: Financial Advisor Suspended For 12 Months Relating to Woodbridge Notes

    Today the Financial Industry Regulatory Authority released a Letter of Acceptance, Waiver and Consent, suspending Sacramento-based financial advisor Gary Pevey...

    Read More
  • Jeffrey Wiseman: NBA Star Sues Morgan Stanley Over Financial Advisor’s Actions

    Former NBA player Chris Bosh, his wife, and several of his entities have brought a FINRA arbitration against Morgan Stanley...

    Read More
  • Paul Wishingrad: Beverly Hills UBS Financial Advisor Suspended

    Paul Wishingrad, a Beverly Hills-based financial advisor for UBS Financial Services, has been suspended for 15 days and fined $5,000...

    Read More
  • Joe Varghese: Prudential Financial Advisor Barred By Regulators

    Joe Varghese, a former Prudential financial advisor in Howard Beach, New York, has been barred for life by the Financial...

    Read More
  • Previous
  • Next