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FINRA Suspends Rep for Failure to Disclose OBAs

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Dear Friends,

FINRA suspended a registered representative for failure to disclose outside business activities, resulting in a $15,000 fine and a six month suspension from association with any FINRA member.

The representative failed to disclose that he was a director and officer of a publicly traded company and the existence of an outside securities account in his name. Additionally, the representative falsely certified that he disclosed all outside business activities while associated with various FINRA members from 2009 – 2014.

Employees of registered entities should be cognizant of the importance of accurate and timely disclosures when submitting annual employee certifications.

Please click here for a link to FINRA’s letter. Feel free to contact us with any questions at (212) 867-0200 or email us at info@counselworksllc.com.

Thank you,

CounselWorks

www.CounselWorksllc.com

About CounselWorks LLC

CounselWorks is a strategic business and regulatory consulting firm, that provides project-based consulting and manages compliance and regulatory programs for hedge funds, private equity firms, investment companies, broker-dealers and investment banks.
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