STEVEN CRAIG INGRAM is currently employed as a Broker and/or Investment Adviser at REGAL SECURITIES, INC. located at 4117 WHIPPLE AVE NW, SUITE B, CANTON, OH, 44718.
STEVEN CRAIG INGRAM has worked at REGAL SECURITIES, INC. since August 04, 2010
Disclosure History
STEVEN CRAIG INGRAM has 2 Disclosure Event(s).
Date: June 18, 2010 Category: Employment Separation After Allegations Firm Name: XTENT FINANCIAL GROUP, INC Termination Type: Discharged Allegations: VIOLATION OF NASD RULE 2310 SUITABILITY Broker Comment: ON JUNE 1, 2006, I PURCHASED THE BROKER/DEALER OF SHEPARD & VRBANAC SECURITIES, INC., FROM ROBERT W. VRBANAC. AFTER THREE YEARS OF GROWING THE FIRM BY BOTH BROKERS AND REVENUE, I PERSONALLY DECIDED TO SELL THE FIRM AND CONTINUE TO WORK IN THE INDUSTRY AS A BROKER. AFTER NEGOTIATION AND REVIEW, ON JUNE 30, 2009, I SOLD SHEPARD & VRBANAC SECURITIES, INC. TO A TRUSTED FRIEND AND COLLEAGUE WHO ASSURED ME THAT I WOULD BE A VALUED EMPLOYEE OF HIS NEW FIRM, XTENT FINANCIAL GROUP, AS WELL AS AN ADVISOR TO THE NEW MANAGEMENT. AFTER SEVERAL MONTHS OF BEING AN EMPLOYEE, I REPEATEDLY RAISED QUESTIONS AND CONCERNS ABOUT REGULATORY ISSUES AND WAS REBUFFED BY ALL LEVELS OF MANAGEMENT. BECAUSE I CONTINUALLY VOICED MY CONCERNS, ON APRIL 28, 2009, I WAS REMOVED AS A PRINCIPAL OF THE FIRM. MY ATTORNEY REMINDED XTENT MANAGEMENT THAT THEY COULD ONLY TERMINATE MY EMPLOYMENT FOR CAUSE CONNECTED WITH ANY FINRA, SEC OR STATE SECURITIES RULE VIOLATION.ON JUNE 18, 2010, I WAS SUMMARILY WITHOUT NOTICE, TERMINATED FROM EMPLOYMENT WITH XTENT FINANCIAL GROUP, INC. A CLAIM BROUGHT BY THE MANAGEMENT OF THE FIRM, ALLEGED MY SELLING OF ONE UNSUITABLE INVESTMENT TO A SINGLE CLIENT AS THE BASIS FOR THE TERMINATION. THE PRESIDENT AND THE CEO OF XTENT FINANCIAL CLAIMED TO HAVE DONE A COMPLETE AND THOROUGH REVIEW OF A CLIENT COMPLAINT AND, AT THE ADVICE OF LEGAL COUNSEL, TERMINATED MY EMPLOYMENT. THEY FURTHER STATED TO ME IN THE EXIT INTERVIEW AND ON THE U-5 THAT THEY ALSO PROVIDED FINANCIAL RESTITUTION TO THE CLIENT FOR HER LOSS IN THE INVESTMENT. AT NO TIME PRIOR TO MY TERMINATION WAS I QUESTIONED OR GIVEN AN OPPORTUNITY TO ADDRESS THE FIRM'S CONCERNS. ALTHOUGH XTENT'S MANAGEMENT BELIEVES THEY WERE RIGHT IN TERMINATING ME AT THE TIME, THEIR ACTIONS HAVE IMPUGNED MY REPUTATION. FOR YEARS, I HAVE WORKED IN THIS INDUSTRY WITHOUT CLIENT OR COMPLIANCE PROBLEMS OR CONCERNS.TO SUBSTANTIATE THAT THE ACCUSATIONS FOR MY TERMINATION WERE FALSE AND MISLEADING, THE CLIENT, WHOSE SINGLE ALLEGEDLY UNSUITABLE INVESTMENT WAS THE PURPORTED BASIS FOR MY TERMINATION, WAS WILLING TO STATE, IN AN AFFIDAVIT, THAT THE FACTS AND ALLEGATIONS MADE BY THE MANAGEMENT OF XTENT IN MY U-5 WERE UNTRUE. SHE WAS FURTHER WILLING TO STATE THAT SHE STILL HELD THE ALLEGED UNSUITABLE INVESTMENT IN HER ACCOUNT AT THE END OF AUGUST 2010, SEVEN MONTHS AFTER HER ACCOUNT WAS TRANSFERRED TO A FAMILY MEMBER OF THE CEO AND OUT OF MY CONTROL.STRONGLY BELIEVING I WAS WRONGFULLY TERMINATED, I FILED A STATEMENT OF CLAIM AGAINST XTENT FINANCIAL GROUP, ITS MANAGEMENT AND INVESTORS FOR, AMONG OTHER THINGS, WRONGFUL TERMINATION. THIS SUIT WAS FILED AUGUST 30, 2010 WITH FINRA. ON DECEMBER 30, 2010, ALL PARTIES REACHED A SETTLEMENT OFFER THAT INCLUDED XTENT AMENDING MY FORM U-5.AS NOTED ON THE AMENDED FORM U-5 FILED BY XTENT FINANCIAL GROUP, INC., THE FIRM NOW HAS FULLY RECANTED ITS ACCUSATIONS, AND ITS BASIS FOR MY TERMINATION MADE IN THE ORIGINAL FORM U-5. I AM PLEASED AT THE EXONERATION I HAVE RECEIVED FROM XTENT'S ADMISSION THAT AFTER FURTHER REVIEW, THE FIRM HAS DETERMINED MY CONDUCT WAS NOT IMPROPER, DID NOT VIOLATE FINRA SUITABILITY OR FAIR PRACTICE RULES AND REGULATIONS AND THAT THEREFORE, NO BASIS FOR MY TERMINATION EXISTED IN THE FIRST PLACE. WHILE THIS DOES NOT UNDO THE HARM XTENT ATTEMPTED TO CAUSE ME, XTENT'S RETRACTION IS CONSISTENT WITH MY 20+ YEARS IN THE INDUSTRY WITHOUT A SINGLE ARBITRATION CLAIM. I AM DELIGHTED THAT MY CLIENTS, MANY OF WHOM I HAVE WORKED WITH FOR YEARS, HAVE FOLLOWED ME TO MY NEW FIRM. I HAVE AND WILL ALWAYS CONTINUE TO PUT THE NEEDS AND GOALS OF MY CLIENTS FIRST AND REGRET THAT XTENT'S ATTEMPT TO SILENCE ME HAVE PUT A MARK UPON MY RECORD, WHICH IS NOT DESERVED AND NOT REFLECTIVE OF MY REPUTATION. ANY FURTHER QUESTIONS OR CONCERNS SHOULD BE DIRECTED TO ME THROUGH MY CURRENT EMPLOYER.
Date: September 30, 2001 Category: Regulatory Initiated By: OHIO DEPARTMENT OF INSURANCE Allegations: THE STATE STATED THAT I DID NOT PERFORM THE APPROPRIATE CONTINUING EDUCATION FOR THE PROPER YEAR.(1997) Resolution: Consent SanctionDetails: Sanctions: Revocation/Expulsion/Denial Sanction Details: I VOLUNTARILY SUBMITTED TO THE STATE'S FINDINGS AND GAVE UP MY LICENSE BECAUSE I HAD NO PROOF OF COMPLETEING THE CE IN 1996 OR 1997. IN DECEMBER, 2001, I SAT FOR THE 40 HOUR COURSE AND TOOK THE EXAM TO BE REINSTATED.
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