Ivan Ffriend, Cetera Adviser, Suspended by FINRA

Ivan Ffriend (CRD# 1013083[1]), a broker registered with Cetera, violated industry rules, according to a recent disciplinary action. MDF Law is investigating the New Rochelle, New York-based financial professional for similar conduct. If you have concerns about your accounts, call us for a free and confidential consultation with our team.

More information about Mr. Ffriend’s history as a broker follows below. This post is based on a November 22, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record. 

FINRA Alleges Ffriend Mismarked Order Tickets

On October 14, 2024, FINRA released a Letter of Acceptance, Waiver, and Consent (# 2021072533901[2]) outlining its disciplinary action against Mr. Ffriend. The action alleges two violations of industry rules. The first set of allegations is that he mismarked order tickets. The second is that he exercised discretion without proper authorization. 

Firms Must Maintain Accurate Records

As for the first set of allegations, FINRA found that between 2019 and 2021, he “marked as unsolicited more than 500 order tickets for equity transactions that he recommended to his customers.” As the AWC Letter notes, he should have marked the transactions as solicited, because he recommended them.

Mismarking order tickets violates FINRA Rule 4511, which requires member firms to make and preserve accurate books and records. This includes a record of whether brokerage orders are solicited or unsolicited. A violation of Rule 4511, according to FINRA, is also a violation of FINRA Rule 2010. This rule requires brokers like Mr. Ffriend to observe high standards of commercial honor.

Sanction Also Alleges Unauthorized Discretion

As for the second set of allegations, FINRA found that he exercised discretion in the accounts of four customers. In other words, he effected trades “without first speaking to the customer prior to execution on the day of the transactions.” The customers understood he was exercising discretion, according to FINRA, but had not provided prior written authorization. Furthermore, his firm had not accepted the accounts as discretionary.

FINRA concluded that these trades violated FINRA Rule 3260, which prohibits brokers from exercising discretion without prior written authorization and firm approval.

FINRA Suspends, Fines Ivan Ffriend

As a result of these above-described findings, FINRA imposed two sanctions against Mr. Ffriend. Firstly, the regulator suspended him from associating with any member firm for three months. Secondly, it ordered him to pay a fine of $7,500. Mr. Ffriend did not admit to or deny the findings, but he did accept and consent to them and the sanctions.

Broker Based in New Rochelle, New York

Mr. Ffriend launched his career as a broker in 1982, when he registered with American Capital Financial Services in Atlanta, Georgia. Over the following decades, he went on to work at firms like J.P. Turner & Company, Basic Investors, and North Ridge Securities Corporation. He joined Cetera Advisor Networks in 2021 and today works at its office in New Rochelle, New York. With 42 years of experience as a broker, he has completed five industry exams, including the Series 63 and the Series 6.

Investment Losses? Call MDF Law Today

If you have suffered losses investing with Ivan Ffriend, you may have recovery options. The seasoned investment fraud attorneys[4] at MDF Law have proven experience advocating for investors through the FINRA arbitration process. We take cases on a contingency basis, meaning you only pay if you win. Call 800-767-8040 for a free consultation with our team today.