September 5, 2023 – An AWC was issued in which Martin was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Martin consented to the sanction and to the entry of findings that he converted and improperly used funds from a married couple, one of whom was a senior, that held a joint brokerage account at his member firm. The findings stated that when the customers asked Martin for their account information for purposes of initiating direct deposits, Martin provided the customers with the account number for his personal account rather than the customers’ account number.
Martin then received three electronic deposits of the customers’ social security payments, totaling $6,981, that he retained and used for personal investments and expenditures. The findings also stated that Martin refused to produce information or documents requested by FINRA in connection with its investigation into the allegations of misappropriated funds made in a Uniform Termination Notice for Securities Industry Registration (Form U5) filing by his firm. (FINRA Case #2022076503701)