Cyrus Lamont Hancock (Cyrus Hancock) Fired by Investors Capital Corp. and Barred from Securities Industry – Goodman & Nekvasil P.A., May Recover Investor Losses

Goodman & Nekvasil P.A., May Recover Investor Losses - Cyrus Lamont Hancock (Cyrus Hancock) Fired by Investors Capital Corp. and Barred from Securities Industry

From 2013 until Cyrus Hancock’s firing in 2015, Cyrus Hancock was licensed with Investors Capital Corp. Cyrus Hancock was also licensed with ELE Wealth Advisors, Inc. and Dempsey Lord Smith, LLC. According to FINRA’s records, Cyrus Hancock was fired by Investors Capital Corp. on May 4, 2015. Investors Capital Corp. reported to FINRA that a customer verbally indicated that he provided Cyrus Hancock with $5,500 for investment purposes and that the funds were not invested.

Subsequent to Cyrus Hancock’s firing by Investors Capital Corp., FINRA investigated Cyrus Hancock and brought a disciplinary action against Cyrus Hancock. Cyrus Hancock was barred from the securities and investment banking industry by the Financial Industry Regulatory Authority (FINRA) on July 29, 2016. FINRA reports that Cyrus Hancock consented to the sanctions and to the entry of findings that Cyrus Hancock converted two checks totaling $11,000 from two customers in violation of FINRA Rules 2150(a) and 2010. According to FINRA, in April 2014, Customer A wrote a $5,500 check and gave it to Cyrus Hancock for the purchase of mutual funds in an IRA account held directly with a mutual fund sponsor. In August 2014, Customer B wrote a $5,500 check and gave it to Cyrus Hancock. According to FINRA, this check’s memo line noted “2013 IRA Contribution.” According to FINRA, both checks were made payable to the d/b/a name under which Cyrus Hancock conducted Cyrus Hancock’s securities business. According to FINRA, instead of immediately investing the customers’ funds, Cyrus Hancock deposited the checks in Cyrus Hancock’s bank account and thereafter used the funds to pay Cyrus Hancock’s expenses. According to FINRA, in December 2014, Cyrus Hancock forwarded $5,500 to the mutual fund sponsor for investment on Customer A’s behalf. According to FINRA, Cyrus Hancock did not invest Customer B’s $5,500.

According to FINRA, FINRA Rule 2150(a) states that no person associated with a member shall make improper use of a customer’s securities or funds. According to FINRA, conversion, which is the intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it, is a violation of FINRA Rule 2150(a). FINRA reports that by depositing two customer checks into Cyrus Hancock’s bank account and using the funds without authorization, Cyrus Hancock converted customer funds in violation of FINRA Rule 2150(a).

If you lost any money on investments with Cyrus Hancock, you may be able to recover your losses from Investors Capital Corp., ELE Wealth Advisors and/or Dempsey Lord Smith, LLC. This is because Investors Capital Corp., ELE Wealth Advisors and Dempsey Lord Smith, LLC had a duty to supervise Cyrus Hancock.  

If you lost money on investments with Cyrus Hancock and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Investors Capital Corp., ELE Wealth Advisors and/or Dempsey Lord Smith, LLC concerning Cyrus Hancock’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Cyrus Hancock and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.  

 

Keywords: Cyrus Lamont Hancock, Cyrus Hancock, Hancock, FINRA, Dempsey Lord Smith, Investors Capital Corp, SEC, ELE Wealth,  Fraud, Attorney, Broker, Brokerage, Firm, Brokerage Firm, Invest, Lawyer, Securities Lawyer, Goodman and Nekvasil, Nekvasil, Goodman, Investor, Investment, Financial, Financial Services, Securities 

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