January 12, 2024 – An AWC was issued in which Mayer was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months. Without admitting or denying the findings, Mayer consented to the sanctions and to the entry of findings that he engaged in an OBA without providing his member firm prior written notice, and then continued his OBA after the firm rescinded its approval of the activity. The findings stated that Mayer owned and operated a company through which he acted as a business consultant. Mayer belatedly disclosed, and his firm approved, his OBA. However, the firm later expressly rescinded its approval. Despite this rescission, Mayer continued to take on business consulting work, which included business plan creation, financial modeling, strategic planning, market research, and general business advice, and received a total of approximately $90,000 in direct compensation. None of Mayer’s OBAs involved securities or firm customers.
The suspension is in effect from January 16, 2024, through April 15, 2024. (FINRA Case #2020068717401)
Matthew Schwartz
Matthew Schwartz represents clients harmed by lawyers, accountants, insurance professionals, real estate agents, brokers, financial advisors, and other trusted professionals. He handles Florida litigation and nationwide FINRA arbitration. He has been recognized in The Best Lawyers in America® and named to the Best Law Firms® list.
More about Matthew