South Florida Arbitration & Litigation Lawyer Blog
Outside Business and Selling Away FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
January, 2012:
Roger William Hayes (CRD #240582, Rep. Representative, Vergennes, Vermont) 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, Hayes consented to the described sanction and to the entry of findings that he engaged in outside business activities without giving prompt written notice of those activities to his member firm. The findings stated that Hayes provided consulting services to a trust and estate for compensation. Hayes first sought permission from his firm to perform such outside consulting services, but the firm specifically prohibited him from engaging in those activities. Nevertheless, Hayes continued to perform consulting services for the trust and estate. The findings also stated that in connection with those services, Hayes double-billed the trust for advice on investments that he had already sold to the trust and earned a commission on as a registered representative of the firm. The findings also included that Hayes gave false responses on a firm compliance questionnaire regarding his involvement in those consulting activities. When the firm questioned him on various occasions, Hayes falsely claimed that he was not charging the estate for his services. (FINRA Case #2010021731601).