Theodore Serure Suspended by FINRA Following Allegedly Unapproved Loans
Theodore Serure (CRD #: 419023, a broker registered with Jeffries, has been suspended by FINRA, according to his BrokerCheck record, accessed on January 11, 2023. Read on if you want to know more about his alleged conduct as a broker.
FINRA Suspension
On November 9, 2022, Theodore Serure consented to the entry of findings that he allegedly borrowed millions of dollars from several clients without providing notice or receiving approval from his firms, J.P. Morgan Securities and Jeffries, from 2014 to 2020.
According to a Letter of Acceptance, Waiver & Consent (AWC), Theodore Serure allegedly borrowed approximately $7.3 million in total from 16 clients, all of whom were close friends. The AWC notes that these relationships would make the loans fall under FINRA Rule 3240(a)(2)(D), which permits loans based on a broker’s personal relationship with the client.
However, Theodore Serure allegedly failed to seek approval from either of his firms before facilitating these loans.
The AWC concludes that this alleged failure to receive approval for his loans violated FINRA Rules 3240 and 2010.
FINRA Rule 3240
FINRA Rule 3240 defines the conditions under which brokers are permitted to lend to or borrow from clients.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Theodore Serure consented to the following sanctions:
- $20,000 fine
- 4-month suspension
His suspension began on December 5, 2023, and will end on April 4, 2023.
You can read a copy of the AWC here.
Termination from J.P. Morgan Securities
On September 6, 2019, Theodore Serure was fired by JP Morgan Chase Bank following allegations that he used a personal email address for firm and client-related business.
Background Information
Theodore Serure has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- Series 7TO – General Securities Representative Examination
- SIE – Securities Industry Essentials Examination
- PC – AMEX Put and Call Exam
- Series 1 – Registered Representative Examination
Theodore Serure is a registered broker in 18 states and the District of Columbia.
He has also worked for the following firms:
- J.P. Morgan Securities (CRD#:79)
- Bear, Stearns & Company (CRD#:79)
- Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
- Merrill Lynch, Pierce, Fenner & Smith (CRD#:572)
Kurta Law Can Help
If you worked with Theodore Serure 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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