Active Investigations

August 24, 2023 – An AWC was issued in which Matheis was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Matheis consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA as part of its investigation into whether he engaged in any sales practice violations. (FINRA Case #2021072000901)…

August 9, 2023 – An AWC was issued in which Clark was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Clark consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA while it sought to investigate, among other issues, his role in the potential churning; excessive trading; unauthorized trading of customer …

August 2, 2023 – An AWC was issued in which Weisbrod was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Weisbrod consented to the sanction and to the entry of findings that he breached fiduciary duties owed to a community bank for which he served as an advisory director and consultant. The findings stated that the bank was a customer of Weisbrod’s …

August 31, 2023 – An AWC was issued in which the firm was censured, fined $200,000, ordered to pay $533,587, plus interest, in restitution to customers, and required to remediate the issues identified in the AWC and implement a supervisory system, including WSPs, reasonably designed to achieve compliance with Rule 15l-1 of the Exchange Act of 1934 (Reg BI) and FINRA Rules 3110 and 2010. Molinaro was fined $5,000 and …

July 27, 2023 – Kubiak was named a respondent in a FINRA complaint alleging that he failed to appear for on-the-record testimony requested by FINRA in connection with its investigation into the suitability of his recommendations to his customers, two of which were seniors, to invest in limited partnerships. The complaint alleges that Kubiak’s testimony was material to FINRA’s investigation and was necessary to complete it and his failure to …

July 12, 2023 – Johnson was named a respondent in a FINRA complaint alleging that he made unsuitable recommendations to customers to purchase more than $2.35 million in illiquid alternative investments. The complaint alleges that Johnson’s recommendations to these customers to purchase illiquid alternative investments were unsuitable in light of the customers’ investment profiles—including the customers’ net worth, liquid net worth, annual income, investment objectives, risk tolerance, and, for senior …

July 11, 2023 – Kim was named a respondent in a FINRA complaint alleging that he engaged in unethical conduct, acted in bad faith, and misused customer funds in connection with a private placement offering sold by his member firm. The complaint alleges that Kim proposed to his firm’s commitment committee that the firm initiate a private placement offering through a firm-affiliated fund for shares in a private company at …

July 20, 2023 – An AWC was issued in which Gerstein was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacity for six months and ordered to pay $129,496, plus interest, in deferred restitution to customers. Without admitting or denying the findings, Gerstein consented to the sanctions and to the entry of findings that he engaged in short-term trading in securities intended to …

July 17, 2023 – An AWC was issued in which Kartal was suspended from association with any FINRA member in all capacities for 10 months. In light of Kartal’s financial status, no monetary sanctions have been imposed. Without admitting or denying the findings, Kartal consented to the sanction and to the entry of findings that he unsuitably and excessively traded a senior customer’s account.

The findings stated that Kartal engaged …

July 7, 2023 – An AWC was issued in which Hoidas was assessed a deferred fine of $40,000 and suspended from association with any FINRA member in all capacities for 18 months. Without admitting or denying the findings, Hoidas consented to the sanctions and to the entry of findings that he made unsuitable recommendations in speculative alternative investments to customers of his member firm that were inconsistent with the customers’ …

July 7, 2023 – An AWC was issued in which Harrington was assessed a deferred fine of $11,500 and suspended from association with any FINRA member in all capacities for nine months. Without admitting or denying the findings, Harrington consented to the sanctions and to the entry of findings that he recommended transactions in a customer’s account that inflated his own compensation and caused the customer to incur unnecessary fees …

July 5, 2023 – An AWC was issued in which Carlo was fined $2,500 and suspended from association with any FINRA member for 10 business days. Without admitting or denying the findings, Carlo consented to the sanctions and to the entry of findings that he exercised discretion with respect to transactions involving customers without prior written authorization from the customers and without his member firm having accepted the accounts as …