South Florida Arbitration & Litigation Lawyer Blog
FINRA Outside Business and Negligent Supervision Arbitration Attorney, Russell L. Forkey, Esq.
September, 2011:
Scott J. Baklenko (CRD #4632949, Registered Representative, Seattle, Washington)
The findings stated that Baklenko and the business associate opened an account with another member firm in their entity’s name; Baklenko failed to notify his member firm in writing that he had established the account with the other firm and he failed to notify the other firm, with which he opened the account, in writing that he was associated with a firm. The findings also stated that Baklenko effected trades in his entity’s account at the other firm, which included securities purchases totaling approximately $176,575 and securities sales totaling approximately $57,109.
submitted a Letter of Acceptance, Waiver and Consent in which he was fined $20,000 and suspended from association with any FINRA member in any capacity for 20 months. The fine must be paid either immediately upon Baklenko’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Baklenko consented to the described sanctions and to the entry of findings that he engaged in private securities transactions without prior written notice to, and approval from, his member firm, in that he participated in the sales to firm customers of limited partnership interests in an entity he and a business associate had formed for a total of $1,095,000.
The suspension is in effect from August 15, 2011, through April 14, 2013. (FINRA Case #2009019500401).