South Florida Arbitration & Litigation Lawyer Blog
FINRA Negligent Supervision and Unauthorized Outside Business Activity Attorney, Russell L. Forkey, Esq.
August, 2011:
Cheryl Ann Villani (CRD #4662140, Registered Representative, Brookline, New Hampshire) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Villani consented to the described sanction and to the entry of findings that she engaged in outside business activities without providing prompt written notice of those activities to her member firm. The findings stated that Villiani acted to conceal her outside business activities from the firm by claiming that she was not engaged in any such activities on firm outside business activity disclosure reports and, when the firm interviewed her, Villani denied the existence of a limited liability company she owned and managed, and insisted that she had not engaged in conduct that constituted outside business activities; these claims were false. (FINRA Case #2009017944301).