Man Suggests That His Employment By Brokerages That Get Shut Down And His Own Recent Suspension Are Merely Unfortunate Coincidences


The practice of scurrying from one failing or fraudulent brokerage to another even has a wonderfully evocative name: cockroaching. And the wiliest of the cockroachs, according to the Journal, is Kenneth Dwyer, who's closed down half of the brokerages he's worked for but will have to wait awhile to notch his next.

Regulators expelled the first brokerage firm where Kenneth Dwyer sold securities. They did the same to his third, fourth, seventh and eighth. His 10th closed in June after regulators accused it of fraud….

Regulators on Sept. 30 suspended Mr. Dwyer for nine months and fined him $10,000, for allegations that included excessive trading, filings show. Mr. Dwyer agreed to the sanctions without admitting or denying wrongdoing….

In an interview before the disciplinary action against him, Mr. Dwyer, 37 years old, declined to comment on the regulatory matter and on claims involving him through his career. About his former employers' track records, he said: "It's just unfortunate."

Anyone care to hazard a guess as to which which brokerage was his last?

Mr. Dwyer left EKN in September 2011, eventually landing at his 10th brokerage, John Thomas Financial of New York City….

Mr. Dwyer left John Thomas Financial in June, the month that firm closed, and hasn't been registered with Finra since then, his regulatory records show.

Finra and the SEC each took enforcement action earlier this year against John Thomas and its CEO, Anastasios "Tommy" Belesis. Among the allegations: defrauding investors in a penny stock. Ira Sorkin, a lawyer for Mr. Belesis, said his client will fight the charges, which he said are "in many respects unfounded."

More Than 5,000 Stockbrokers From Expelled Firms Still Selling Securities [WSJ]