Richard S. Siminou (CRD #5605796, Kings Point, New York)

August 31, 2023 – An AWC was issued in which Siminou was fined $5,000, suspended from association with any FINRA member in all capacities for four months, and ordered to pay $17,021, plus interest, in restitution to customers. Without admitting or denying the findings, Siminou consented to the sanctions and to the entry of findings that he excessively and unsuitably traded two elderly customer accounts. The findings stated that this trading resulted in an annualized cost-to-equity ratio of over 29 percent and 34 percent, respectively. As a result of Siminou’s unsuitable recommendations, the customers paid $17,021 in commissions and fees.

The suspension is in effect from September 18, 2023, through January 17, 2024. (FINRA Case #2019064511205)