Sean Casterline Suspended by FINRA
Sean Casterline (CRD #: 2212919), a broker formerly registered with Delta Securities Company, is the subject of a FINRA suspension, according to his BrokerCheck record, accessed on February 10, 2022.
According to FINRA’s allegations, while associated with Delta Securities, Sean Casterline participated in private securities transactions by soliciting the sale of approximately $1.5 million in securities to 20 investors without providing prior notice to his firm.
Undisclosed Private Securities Transactions
According to the AWC, Sean Casterline disclosed to Delta Securities that he worked as a managing director and raised capital to develop senior living facilities. He allegedly did not provide written notice or obtain written approval from the firm. In spite of this, he allegedly participated in the sale of approximately $1.5 million of the senior living membership units to investors. The membership units were securities. The issuer paid Sean Casterline $116,325 in selling compensation for his participation in the transactions.
Sean Casterline Allegedly Violated FINRA Rules 3280 and 2010
FINRA Rule 3280 states that prior to participating in any private securities transaction, an associated person shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction.”
A violation of FINRA Rule 3280 is also a violation of FINRA Rule 2010, which requires associated persons, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade.
FINRA Suspension and Fine
As part of the terms of the AWC, Sean Casterline consented to the following:
- An 18-month suspension from associating with any FINRA member in all capacities
- A $5,000 fine
- A disgorgement off $116,325
You can read a copy of the AWC here.
Customer Dispute
On August 5, 2021, Sean Casterline was named in a customer dispute after his member firm received a notice that a client had commenced an arbitration proceeding to recover losses of approximately $175,000 to have incurred from the purchase of securities issued by Tuscan Gardens Growth and Income Fund, LLC. The investor is seeking $175,000一the case is still pending.
Background Information
Sean Casterline has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- 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
- Series 4 – Registered Options Principal Examination
Besides Delta Securities, Sean Casterline has also worked with the following firms:
- International Assets Advisory (CRD#:10645)
- Sterne Agee Financial Services (CRD#:18456)
- Premieretrade Securities (CRD#:16776)
- Roan-Meyers Associates (CRD#:34171)
- FAS Wealth Management Services (CRD#:10164)
- DELTA FIRST FINANCIAL (CRD#:16776)
- N. Wolf & Co. (CRD#:13051)
Kurta Law Can Help
If you have been victimized after working with Sean Casterline, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors 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.