Dennis Cummings Suspended and Fined By FINRA
Dennis Cummings (CRD #: 2923607), a broker registered with Popular Securities, has been suspended by FINRA, according to his BrokerCheck record, accessed on July 19, 2021. In addition to this regulatory action, Cummings has eleven settled investor disputes and two pending investor disputes on his record.
On June 16, 2021, Dennis Cummings entered into an Acceptance, Waiver, and Consent agreement (AWC), in which he consented to the findings that he used pre-signed Letters of Authorization to effect transfers between customers’ accounts. Under FINRA Rule 2010, brokers are not allowed to do this, because brokers must “observe high standards of commercial honor and just equitable principles of trade.”
As part of the terms of the agreement, Cummings consented to a 45-day suspension and a $5,000 fine. You can read a copy of the AWC here.
More Investor Disputes
On September 20, 2018, an investor alleged that Dennis Cummings recommended Puerto securities that were unsuitable in light of the investor’s risk tolerance. The investor is seeking $755,000; the dispute is pending.
On February 1, 2018, an investor alleged that Dennis Cummings recommended Puerto Rico securities, in spite of Puerto Rico’s well-known deteriorating financial condition. The investor is seeking $1,200,000; the dispute is pending.
Settled Investor Disputes
Dennis Cummings has settled nine disputes that allege he recommended unsuitable investments. These collectively settled for approximately $791,000. In many of these disputes, the investors alleged that their Puerto Rico bonds and securities were especially unsuitable in light of the Puerto Rican Debt Crisis.
Dennis Cummings Background Information
Cummings has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
He is registered as a broker in Florida, Pennsylvania, and Puerto Rico. Cummings is also a registered investment adviser in Puerto Rico.
Dennis Cummings has registered with the following firms:
- Popular Securities (CRD #: 8096)
- BBVA Securities of Puerto Rico (CRD #: 39615)
- Salomon Smith Barney (CRD #: 7059)
Kurta Law Can Help
If you worked with Dennis Cummings and you have concerns about the suitability of your Puerto Rico securities or bonds, contact Kurta Law today. Call 212-658-1502 or email firstname.lastname@example.org.