Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Bonnie Fox: Former SunTrust Advisor Suspended Over Loan Allegations
A disciplinary action taken by the Financial Industry Regulatory Authority against former Hampton, Virginia broker and investment advisor Bonnie Fox (CRD# ) suspended her over allegations she borrowed money from a customer in violation of firm policy. A former representative of SunTrust Investment Services, Fox was suspended for three months.
According to a Letter of Acceptance, Waiver and Consent () dated January 2019, Bonnie Fox borrowed a sum totaling $14,000 from a customer of her member firm, SunTrust Investment Services, to whom she was not related, between July and August 2017. FINRA’s findings state that Bonnie Fox did not notify her firm of the arrangement in which she borrowed funds from the customer, and further that she did not seek or receive the firm’s approval. FINRA’s findings go on to state that the customer “asked Fox [to] sign a promissory note for the money” in November 2017, a request with which Fox complied: creating and signing a note, then giving it to her customer. A few months later, in January 2018, Bonnie Fox “had only repaid $600 to the customer,” who reached out to SunTrust about it, according to FINRA. Following this contact, SunTrust repaid the customer.
FINRA’s findings state that these activities by Bonnie Fox constituted violations of FINRA Rules 3240, which states in part that registered persons must notify their firms in advance of borrowing arrangements and receive pre-approval, and 2010, which concerns standards of commercial honor. As a result of the foregoing alleged conduct, Bonnie Fox was suspended from association with any FINRA member firm in all capacities for three months.
Bonnie Fox’s disclosure records also list one employment separation: in April 2018 she was discharged from SunTrust Investment Services over allegations she violated firm guidelines “by obtaining a loan from a client without first obtaining written approval.”
Bonnie Fox is not currently registered as a broker or investment advisor. Her employment history includes SunTrust Investment Services in Hampton, Virginia, PrimeVest Financial Services, Financial Network Investment Corporation, and Morgan Stanley DW. She currently holds no state licenses and has passed four securities industry qualification examinations.