February 11, 2016
On February 2, 2016, former Allstate Financial Services, LLC registered representative Robert Joe “Joey” Cross Jr. (CRD# 2978747) of Rome, Georgia, entered into a Letter of Acceptance, Waiver and Consent to resolve allegations FINRA made against him regarding violations of securities industry rules.
Cross, who according to FINRA records was a part owner of two outside businesses, Cross, Cross & Sims, Inc. DBA Winthrop Academy, and CCS Property, 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. 2014041637201. FINRA alleged that Cross “failed to appear for testimony in response to a FINRA Rule 8210 request letter.” FINRA’s investigation started on June 19, 2014 when “Allstate Financial Services filed a Form U5 amendment stating that a customer Complaint had been made against Respondent [Cross] alleging breach of contract, fraud, conversion, and negligence related to a collateralized bond obligation. FINRA thereafter began an investigation into Respondent’s outside business activities, financial reporting obligations, and whether Respondent accepted unapproved loans from a customer while engaging in private securities transactions.” According to FINRA, “[b]y refusing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Respondent violated FINRA Rules 8210 and 2010.”
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