South Florida Selling Away FINRA Arbitration and Securities Litigation Attorney:
The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute an enforcement action, firms and licensed individuals have the responsibility to reflect such action on their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.
The monthly disciplinary information is referenced on the FINRA site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:
February 2015 Disciplinary and Other FINRA Actions
Chris Fulco (CRD #4093586, Staten Island, New York) submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Fulco consented to the sanction and to the entry of findings that he participated, either directly or indirectly, in the sales of a non-public company’s shares away from his member firms without providing written notice to or receiving approval from his firms. The findings stated that Fulco concealed his involvement in the transactions, from one of his firms, by lying on the firm’s compliance questionnaire. The findings also stated that Fulco misrepresented his involvement in the transactions during his FINRA testimony. Fulco falsely testified that wire transfers he received were not payments relating to the transactions and that he did not use his personal email account to communicate with the company. The findings also included that Fulco encouraged another individual not to appear for his scheduled on-the-record interview with FINRA or, if he did, to provide false testimony. FINRA found that Fulco willfully failed to timely disclose a federal tax lien and civil judgment on his Form U4. (FINRA Case #2011030015301).
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