Since 2022, Revere has underwritten or served as a selling group member in approximately 60 small-cap initial public offerings (IPOs), more than 40 of which involved issuers based in Hong Kong or China. Some offerings had hallmarks of potential manipulation, such as concentrated allocations to few accounts, coordinated trading, and post-IPO price spikes and collapses that produced millions in secondary market losses.

The Department of Enforcement alleges: Respondent Andrew Paul Schneider failed to respond to two FINRA staff requests to provide information and documents made pursuant to FINRA Rule 8210 as part of FINRA staff’s investigation into possible misconduct by Schneider in connection with an outside business activity. As a result, Schneider violated FINRA Rules 8210 and 2010.

The Department of Enforcement alleges: 1. Between May 2023 and May 2024, Respondent Gerald James O’Halloran recommended that eight retail customers exchange their variable annuities, causing them to incur approximately $144,000 in surrender charges; reducing their contract values; and reducing their death benefits by a combined $173,365.