South Florida Arbitration & Litigation Lawyer Blog
Outside Business and Selling Away FINRA Arbitration and Litigation Lawyer, Russell L. Forkey, Esq.
November, 2011:
Corey Vernon Darling (CRD #4005873, Registered Representative, Anacortes, Washington) submitted a Letter of Acceptance, Waiver and Consent in which he was suspended from association with any FINRA member in any capacity for 18 months. In light of Darling’s financial status, no monetary sanctions were imposed. Without admitting or denying the findings, Darling consented to the described sanction and to the entry of findings that he engaged in outside business activity without providing written notice to his member firms; Darling formed and operated, as the managing member, a limited liability company for the purpose of securing and managing a commercial office building. The findings stated that Darling borrowed a total of $218,484.28 from a few customers while he was associated with firms without receiving the required written pre-approval. The findings also stated that in a firm compliance questionnaire that asked whether Darling had a debt obligation to a non-institutional lender or person, Darling falsely answered “no” to that question.
The suspension is in effect from October 17, 2011, through April 16, 2013. (FINRA Case #2009020307101).