JOHN PAUL SCHWAN is currently employed as a Broker and/or Investment Adviser at KOVACK SECURITIES INC. located at 320 - 6TH AVENUE SOUTHEAST, ABERDEEN, SD, 57401.
JOHN PAUL SCHWAN has worked at KOVACK SECURITIES INC. since July 15, 2010
Disclosure History
JOHN PAUL SCHWAN has 5 Disclosure Event(s).
Date: October 03, 2016 Category: Regulatory Initiated By: California Department of Insurance Allegations: Participated in private securities transactions, not for compensation, without providing prior written notice to, or receiving prior written approval from his prior Firm, and engaged in outside business activities for compensation without providing prompt written notice to his prior Firm. Resolution: Order SanctionDetails: Sanctions: Suspension SanctionDetails:Registration Capacities Affected: California Insurance licensing rights Duration: 4 weeks Start Date: 10/31/2016 End Date: 11/27/2016 Broker Comment: Without admitting or denying any of FINRA's findings, I entered into a letter of Acceptance, Waiver and Consent on November 25, 2015 relating to my activities during the time period that I was associated with Cambridge Investment Research, Inc. I decided to do so based upon the advice of my counsel and, in part, to avoid the time and expense that would be lost in a prolonged regulatory inquiry or hearing. I left Cambridge in 2010 and have been with Kovack Securities since that time. In an abundance of caution, I retained a consultant to review our branch compliance practices, with a focus on outside business activities.
Date: March 24, 2016 Category: Regulatory Initiated By: South Dakota Division of Securities Allegations: Participation in private securities transactions, not for compensation. Undisclosed outside business activities. Resolution: Consent SanctionDetails: Sanctions: Civil and Administrative Penalty(ies)/Fine(s) SanctionDetails: Amount: $4,000.00 Broker Comment: Without admitting or denying any of the findings of FINRA or the South Dakota Division of Securities,, I entered into a Consent Order relating to my activities during the time period that I was associated with Cambridge Investment Research, Inc. I decided to do so based upon the advice of my counsel and, in part, to avoid the time and expense that would be lost in a prolonged regulatory inquiry or hearing.I left Cambridge in 2010 and have been with Kovack Securities since that time. In an abundance of caution, I retained a consultant to review our branch compliance practices, with a focus on outside business activities.
Date: February 17, 2016 Category: Regulatory
Date: July 14, 2010 Category: Employment Separation After Allegations Firm Name: CAMBRIDGE INVESTMENT RESEARCH Termination Type: Discharged Allegations: OUTSIDE BUSINESS ACTIVITIES Broker Comment: DURING MY TENURE WITH CAMBRIDGE, I HAD THE OPPORTUNITY AND IN FACT DID PARTICIPATE IN SEVERAL OUTSIDE BUSINESS ACTIVITY INVESTMENTS, TYPICALLY WITH FAMILY AND CLOSE FRIENDS. THESE INVESTMENTS INCLUDED AN INVESTMENT IN APARTMENT BUILDINGS, A RESTAURANT AND SOME FAST FOOD FRANCHISES. AS A LICENSED FINANCIAL ADVISOR, INDUSTRY RULES REQUIRE THAT I PROVIDE NOTIFICATION TO MY FIRM OF SUCH ACTIVITIES AND I DID SO FOR MOST OF OTHER INVESTMENTS. HOWEVER IN SMALL NUMBER OF INSTANCES I DID NOT PROVIDE NOTICE. AS A RESULT, CAMBRIDGE FOLLOWED INDUSTRY RULES AND WAS REQUIRED TO RELEASE MY REGISTRATION.
Date: September 01, 1985 Category: Regulatory Initiated By: STATE OF SOUTH DAKOTA, INSURANCE DEPARTMENT Allegations: FAILURE TO DELIVER ALL REQUIREMENTSASSOCIATED WITH A LIFE POLICY Resolution: Decision SanctionDetails: Sanctions: Monetary/Fine SanctionDetails: Amount: $300.00 Sanction Details: I WAS FINED $300 ON DELIVERY OF REQUIREMENTS.CASE WAS THROWN OUT BY THE JUDGE AND CLASS ACTION AGAINST NEWYORK LIFE. Broker Comment: THE INDIVIDUAL INVOLVED WAS ATTEMPTING TO SET MEUP THRU TAPE RECORDINGS, ETC. HE HAS A HISTORY OF THIS TYPE OFTHING. THE INS DEPT WAS VERY GOOD TO ME & IMPOSED A MINIMUMFINE AGAINST ME ON A SEPARATE CHARGE
More Information
All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.
A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.
To view the full report for JOHN PAUL SCHWAN, click here.
The use of BrokerCheck data is subject to the BrokerCheck Terms of Use.
×
Outdated Information
If you discover any errors or outdated information on this Website, please contact us and we will promptly correct such errors or outdated information.
If BrokerCheck® is the source of such errors or outdated information, please contact FINRA at (301) 590-6500.
×
BrokerSearch Removal
Brokersearch.info will not fully remove items from this Website without an applicable court order designating them for removal. Investors rely on the information available on this Website to decide whether to choose or retain a broker or investment adviser.
Upon written request, we may remove certain page(s) from appearing in search engine results using the robots.txt protocol.
When a person searches for your name using Google, Bing, Yahoo! and other search engines the page(s) from Brokersearch.info would not appear in the search results.
Please contact us to learn more about Search Engine Removal.