October 13, 2015
On September 30, 2015, former Park Avenue Securities LLC registered representative Todd Shanholtzer (CRD# 2339175) of Las Vegas, Nevada entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve allegations FINRA made against him regarding a violation of securities industry rules.
Todd Shanholtzer consented, without admitting or denying the allegations made against him by FINRA, to a $10,000 fine and six-month suspension from associating with any FINRA member firm in all capacities in resolution of FINRA Disciplinary Proceeding No. 2014040688601. FINRA alleged that “[i]n November 2012, Shanholtzer mishandled funds from a brokerage customer by mistakenly directing $58,622 of the customer’s funds into the wrong account, which caused the customer to incur a significant tax liability. When the customer complained to Shanholtzer in 2013 about the error and other prior transactions, Shanholtzer settled the complaint away from his Firm by making a total of $50,000 in payments between November 2013 and January 2014 directly to the customer. In late 2012, Shanholtzer also made a personal cash loan of $40,000 to a corporate brokerage customer without notifying or receiving approval from his Firm.” According to FINRA’s allegations, Shanholtzer’s conduct violated FINRA Rules 2010, 2150(a) and 3240.
A review of Todd Shanholtzer’s FINRA BrokerCheck Report reveals that he has had three (3) prior customer complaints. Further, Shanholtzer was permitted to resign from Park Avenue Securities LLC on March 14, 2014, after he “attempted to settle a customer dispute away from the Firm.”
"*" indicates required fields