Joseph Pratt (CRD#: 719416), formerly a registered representative with Stifel, Nicolaus & Company, Incorporated (CRD#: 793), has been barred by FINRA for alleged insider trading, according to his BrokerCheck report accessed on October 23, 2019.
On September 5, 2019, Joseph Pratt entered into an AWC in which he consented to the findings that he “obtained confidential information that he received from insiders at a public biopharmaceutical company, and misused the confidential information by communicating it to several of his member firm’s customers.” An AWC is a Letter of Acceptance, Waiver, and Consent in which a broker accepts the allegations against them without admitting or denying them, and in which a broker waives their right to appeal the decision. For more information about AWCs, please see our article “What is FINRA AWC?”
Joseph Pratt also “sold away” from his member firm by selling private securities, convincing individuals (including his firm’s customers) to invest a total of $436,000. This is a violation of FINRA Rule 2010. He consented to a bar from the securities industry. On September 24, 2019, FINRA accepted the AWC.