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2 securities brokers are suspended
By TIMES STAFF WRITER
Published May 19, 2006
Two area brokers have been suspended by federal regulators in separate cases disclosed this week. The National Association of Securities Dealers fined Raymond James & Associates municipal bond trader Michael F. Dispenza of Treasure Island $5,000 and suspended him from the securities industry for 10 days for his handling of two municipal bond transactions in 2003. The NASD said customers who were selling securities lost $688 on the transactions because Dispenza failed to accept higher bids that were available. In one case, he received $145 as reimbursement for a meal from the broker whose lower bid was accepted. Dispenza consented to the findings without admitting or denying them. Raymond James officials declined to comment. Separately, the NASD indefinitely suspended the securities license of Charles Keith Byington of Oldsmar for failing to pay an arbitration award. Byington had been ordered to pay $298,000 to a Naples couple, John and Leanilda Wozniak, who claimed he misrepresented viatical investments they bought from him. Byington, formerly with Vestpoint Securities and NowTrade Corp., could not be reached for comment.
[Last modified May 19, 2006, 06:13:37]
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