Joel Plasco Suspended by FINRA
Joel Plasco (CRD #: 3220164), a broker formerly registered with Dalmore Group, allegedly violated multiple FINRA rules, according to his BrokerCheck record, accessed on January 12, 2023. Read on if you want to know more about his alleged conduct as a broker.
FINRA Suspension
On November 7, 2022, Joel Plasco consented to the entry of findings that he allegedly participated in private securities transactions and outside business activities without providing prior written notice to his firm, Dalmore Group.
Alleged Private Securities Transactions
According to a Letter of Acceptance, Waiver & Consent (AWC), Joel Plasco allegedly loaned $200,000 in the form of a security to a company in April 2019. The loan allegedly had a term of one month and Joel Plasco expected to receive a 100% return of funds.
The parties allegedly entered into a settlement agreement after the company defaulted on the loan. This settlement allegedly defined that Joel Plasco would receive shares of a “thinly-traded” stock of another company. Joel Plasco allegedly sold these shares for $75,000 in a private transaction.
The AWC alleges that Joel Plasco failed to provide written notice to or receive approval from Dalmore Group before participating in these transactions.
Alleged Undisclosed Outside Business Activities
The AWC alleges that Joel Plasco served as a senior executive for six related companies in the aviation industry starting in 2016 and ending with his departure from Dalmore Group in 2020. He allegedly also received compensation from some of these companies.
The AWC alleges that he did not provide written notice to Dalmore Group with regard to five of these businesses.
Alleged Outside Securities Accounts
Between February and July 2020, Joel Plasco allegedly opened brokerage accounts with three other firms without providing notice to Dalmore Group. He allegedly also executed the second of his allegedly undisclosed private securities transactions through one of these accounts.
The AWC concludes that these allegations constitute violations of FINRA Rules 3280, 3270, and 2010.
FINRA Rule 3280
FINRA Rule 3280 requires brokers to seek approval from their firm before engaging in private securities transactions.
FINRA Rule 3270
FINRA Rule 3270 requires brokers to seek and receive approval from their firm for any outside business activities they engage in.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Joel Plasco consented to the following sanctions:
- $10,000 fine
- 6-month suspension
His suspension began on November 7, 2022, and will end on May 6, 2023.
You can read a copy of the AWC here.
Other business activities
Joel Plasco’s detailed BrokerCheck report lists the following outside business activities:
- Member of board of directors of Odyssey Engine LLC (33% owner). Relevant companies owned by Odyssey Engines also listed as outside businesses are Odyssey Leasing III, LLC; Odyssey Real Estate Holdings, LLC; and JA Aerocell, LLC. Joel Plasco is not compensated by the entities.
- Partial owner of PCB Aviation Holdings (33% owner).
- Board member of Oscoda Engine Services, another company owned by Odyssey Engines.
Background Information
Joel Plasco has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 24 – General Securities Principal Examination
He previously worked for the following firms:
- Dalmore Group (CRD#:136352)
- Capital Guardian (CRD#:137919)
- Ticonderoga Securities (CRD#:7671)
- ICAP Corporates (CRD#:2762)
Kurta Law Can Help
If you worked with Joel Plasco and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.
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