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Harrisburg Broker Gerald Coyne Sanctioned, Barred
Former CUSO Financial Services broker Gerald Coyne (CRD# 4589061) was recently sanctioned by the Financial Industry Regulatory Authority in connection to allegations he refused to fully cooperate with a FINRA investigation into whether he recommended unsuitable variable annuity investments to his customers. As a result of the sanction, he was barred from acting as a broker.
According to a Letter of Acceptance, Waiver and Consent (No. 2019061332701) dated December 2019, Gerald Coyne was associated with CUSO Financial Services as a General Securities Representative from January 2011 until September 2018, when the firm filed a notice stating it discharged him in connection to “client service issues and violations of firm policy.” After reviewing this filing, FINRA launched an investigation into whether Coyne “made misrepresentations, omissions, and unsuitable recommendations of variable annuities to customers” involving the use of rollover funds from state retirement accounts. As part of this investigation, FINRA sent him a request on November 7, 2019 to provide FINRA with on-the-record testimony, which it is empowered to require by FINRA Rule 8210. According to the AWC Letter, Coyne indicated in a phone call on November 12 and an email on November 15 that he was in receipt of its request but would not appear to provide the requested testimony “at any time.” FINRA states that this refusal violated FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, Coyne was barred from association with any FINRA member firm in any and all capacities.
Gerald Coyne is currently not registered as a broker. His previous registrations include CUSO Financial Services, Community Investment Services, CCO Investment Services Corporation, UVest Financial Services Group, Citizens Investment Services, and NYLife Securities. He has passed four securities industry qualifying examinations and his BrokerCheck report lists no state securities licenses. (Information current as of May 6, 2020.)