Jeffrey Ingros

Date:

March 23, 2016

Type of alert:

FINRA AWC  

On March 11, 2016, former registered representative Jeffrey Scott Ingros (CRD# 2091822) of Beaver, Pennsylvania entered into a Letter of Acceptance, Waiver and Consent (AWC) to resolve allegations FINRA made against him regarding violations of securities industry rules.

Ingros, who worked for FINRA member firms Merrill Lynch and Raymond James Financial Services, Inc., consented, without admitting or denying the allegations made against him by FINRA, to a permanent bar from associating with any FINRA member firm in any capacity in resolution of FINRA Disciplinary Proceeding No. 2013039166001. FINRA alleged that “[d]uring its investigation into possible FINRA Rule violations by Ingros, FINRA Staff sent a request to Ingros for on-the-record testimony pursuant to FINRA Rule 8210. Ingros has acknowledged that he received FINRA’s request and that he will not appear for on-the-record testimony at any time. By refusing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Ingros violates FINRA Rules 8210 and 2010.” According to the FINRA AWC, the regulator’s investigation into Ingros’ activities centered around allegations “that Ingros accepted undisclosed loans from customers and engaged in outside business activities.”

A review of Ingros’ FINRA BrokerCheck Report reveals that he has been the subject of nine (9) customer Complaints. Additionally, on October 31, 2013, Ingros was discharged by Merrill Lynch for “conduct including advising clients on assets held outside the firm, failure to contact clients in advance of entering orders in non-discretionary accounts, recommendation of a security not covered by firm research and failure to accurately record information on customer order tickets resulting in loss of management confidence.” After being discharged by Merrill Lynch, Ingros became registered with Raymond James where he stayed until February, 2016. Ingros was permitted to resign from Raymond James on February 19, 2016, amid allegations by the firm that “financial advisor [Ingros] disclosed to the firm that he accepted loans from customers without prior written approval from the firm. Financial advisor also failed to disclose the loans on the annual compliance attestations.”

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