In separate cases, one area financial broker consented to a six-month suspension from the industry and another has appealed a similar disciplinary order.
According to the Financial Industry Regulatory Authority, Derek Josef Bembry of Kansas City consented to a $5,000 fine and six-month suspension from associating with any firm that is a member of the industry’s self-regulatory body. The action stemmed from a customer complaint that Bembry failed to disclose the tax implications on a loan that the customer took from his variable life insurance policy, a report from the regulatory authority said. His suspension runs through Feb. 16.
Separately, Michael Earl McCune of Overland Park has appealed a $5,000 fine and six-month suspension levied after a hearing. At issue is McCune’s failure to disclose a bankruptcy and tax liens to his employer or on his U4 registration form in a timely manner, the authority said. McCune appealed the regulatory actions first to the National Adjudicatory Council and more recently to the Securities and Exchange Commission. The sanctions are not in effect during the appeal.