Investment and Securities Fraud and Mismanagement FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
Mark Wayne Mills (CRD #1277647, Registered Principal, Carmel, Indiana) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Mills consented to the described sanction and to the entry of findings that he borrowed $317,000 from elderly customers, promised to pay interest and repay the principal in full by certain dates, but failed to repay the loans. The findings stated that Mills’ member firms were unaware of and did not approve the loans. The findings also stated that one firm allowed lending arrangements between registered persons and customers under certain permissible arrangements and with its compliance department’s prior written approval; the other firm prohibited its registered representatives from borrowing money from customers. (FINRA Case #2008015357301).