Banking & Finance and Investing and Investment Brokers and Investment Advisers and Wealth Management

Regulators suspend broker for not disclosing bankruptcy

July 20, 2013

A Zionsville financial adviser faces a fine and suspension over failure to disclose his personal bankruptcy.

Stephen W. Bracken cannot affiliate with any Financial Industry Regulatory Authority Inc. member for three months, through Sept. 2, and must pay a $5,000 fine, according to a July disciplinary report from FINRA.

Bracken was employed by a FINRA-regulated firm in 2009, when he filed the Chapter 7 bankruptcy petition in the U.S. District Court of Southern Indiana, but he didn’t disclose it. Personal bankruptcies are considered material information.

The regulators found that the firm filed an amended disclosure on Bracken’s behalf after he’d filed for bankruptcy, but it contained only a change of address. Bracken was registered with FINRA through Andes Capital Group LLC in Indianapolis from January 2007 to October 2009.

Bracken left Andes Capital for another firm, Redrock Trading Partners LLC, and failed to disclose the bankruptcy filing there as well, the regulators found. That firm fired him, according to the disciplinary report.

Andes Capital is based in Chicago, and Redrock in Augusta, Ga.

ADVERTISEMENT

Recent Articles by IBJ Staff

Comments powered by Disqus