(CRD #5324620, Miami, Florida)

April 10, 2026 – Mark Sam Kolta appealed a National Adjudicatory Counsel (NAC) decision to the SEC. The NAC decision modified the findings and sanctions issued by the Office of Hearing Officers (OHO). Kolta was barred from associating with any FINRA member in any capacity for making unsuitable recommendations, causing the falsification of customer records, and causing his member firm to have falsified and inaccurate books and records. Considering the bar imposed on Kolta, the NAC assessed but did not impose a fine $40,000 fine and two-year suspension for Kolta’s advertising rule violations. The NAC limited their findings to the customers who testified under oath and dismissed the order that Kolta disgorge $297,823, plus prejudgment interest. The sanctions were based on the findings that Kolta recommended risky and illiquid securities to four customers that were unsuitable based upon the customers' financial situations, investment objectives, liquidity needs, and risk tolerances. The findings stated that the prospectus described the non-traded real estate investment trust (REIT) sold as a speculative, high-risk investment suitable only for persons who would not need immediate liquidity and could afford a complete loss of their investment. Kolta recommended that these four customers invest $1,389,201 into the REIT. Each of the customers testified that they had conservative and modest investment objectives and risk tolerances, rather than "speculation" as an investment objective and "moderately aggressive" or "aggressive" risk tolerances as Kolta falsely reported on their account records and REIT investment documents. The customers' investments resulted in large losses before they were able to recoup some of those losses from Kolta’s firm by settling their arbitration claims. The findings also stated that Kolta caused his firm to create and maintain inaccurate books and records. Kolta caused his firm's books and records to contain falsified information about his four customers' net worth, investable or liquid assets (or investable/liquid net worth), annual income, assets held away from the firm, investment objectives, and risk tolerance. Kolta repeatedly filled out, or had his sales assistant fill out, false information on firm records related to his customers' annual income, net worth, and investable assets. Kolta also caused the customer records to falsely state his customers' investment experience across all types of investment products, their investment objectives, and risk tolerances. The findings specifically included that Kolta falsified customer account records and REIT investment documents about the customers' net worth, investable or liquid assets, annual income, assets held away from his firm, investment objectives, and risk tolerance. Kolta's falsifications of customers' records also undermined his, and his firm's, obligation to comply with essential regulatory record-keeping requirements and allowed him to conceal his misconduct from his firm for well over a year. FINRA found that Kolta sent four retail communications about the REIT that were unfair and unbalanced and contained unwarranted, promissory, and misleading statements. Kolta’s emails were not fair and balanced because they failed to address the risks associated with an investment in a REIT. In addition, Kolta failed to obtain approval from a qualified firm principal before sending each of the emails. The case is pending SEC review. (FINRA Case #2018057297102) If you have suffered losses as a result of Mark Sam Kolta's act and/or actions, we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their portfolios that are managed by Mark Sam Kolta. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at866-330-6707 or email Matthew Schwartz directly at mschwartz@tslfirm.com.