FINRA Disciplinary Actions December 2020

Table of Contents

DAVID ALAN STATEMAN (CRD #5530638, MIAMI, FLORIDA)

December 1, 2020 – An AWC was issued in which Stateman was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Stateman consented to the sanction and to the entry of findings that he refused to provide documents and information to FINRA related to customer complaint provided provided in a Form U5 submitted by a former customer. The findings stated Stateman had failed to meet several deadlines for responding to FINRA staff’s request for documents and information regarding the customer complaint. (FINRA Case # 2019063797402)

RAYMOND ALEXANDER THOMAS (CRD #1675282, BROOKLYN, NEW YORK)

December 2, 2020 – An Order of Acceptance was issued in which Thomas was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Thomas consented to the sanction and to the entry of findings that he engaged in outside business activities without providing prior written notice to his firm, provided false or misleading information in written responses to FINRA staff, and provided false or misleading sworn testimony to FINRA. The findings stated that Thomas falsely testified that he did not have control over specifically bank accounts or the company Waverly Capital. Thomas did not provide prior written notice of his expectation of compensation from outside business activity at his firm Waverly Capital to his primary firm and then falsely claimed he did not have these outside sources of income. (FINRA Case #2017056561101)

ROBERT JAMES HALLDIN (CRD #1458098, NEWINGTON, CONNECTICUT)

December 3, 2020 – An AWC was issued in which Halldin was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Halldin consented to the sanction and to the entry of findings that he refused to appear for on- the-record testimony requested by FINRA during the course of an investigation that began after it learned of investor-related arbitrations regarding Halldin’s trading behaviors. The findings stated that the Form U5 disclosed that Halldin had been the subject of multiple complaints and arbitrations alleging he traded securities in individuals’ brokerage accounts held away from his firm. (FINRA Case #2017056119601)

MICHAEL EDWARD MAGILL (CRD #2024663, PORTLAND, MAINE)

December 7, 2020 – An AWC was issued in which Magill was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Magill consented to the sanction and to the entry of findings that he began working on behalf of a private issuer to find potential investors for a principal-protected note offered by the issuer without conducting reasonable diligence or informing his firm and receiving written approval. The findings stated that Magill recommended a principal-protected note from a private issuer to three investors who in combination invested $700,000. Magill encouraged these investments by offering higher interest rates and implying these rates were only available for a short period. Two months after Magill recommended these notes to the investors, federal authorities shut down the private issuer, and multiple of Magill’s contacts at the firm pled guilty to conspiracy to commit wire fraud. The three investors lost all of their invested funds. (FINRA Case #2019064830701)

STEPHEN SLOANE (CRD #1257601, NEW YORK, NEW YORK)

December 8, 2020– An OHO decision became final in which Sloane was barred from association with any FINRA member in all capacities. The sanction was based on findings that Sloane recommended an unsuitable investment strategy to 14 customers charged excessive markups to an additional 5 customers. The findings stated that Sloane also failed to appear and provide an on-the-record testimony requested by FINRA. (FINRA Case #2016049414401)

MARISA KATHLEEN QUINTERO (CRD #6346508, SPRING, TEXAS)

December 11, 2020 – An AWC was issued in which Quintero was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Quintero consented to the sanction and to the entry of findings that she converted approximately $10,000 from a customer of a bank affiliated with her employing firm. The findings stated that in her role as a products representative at her member firm, she made multiple unauthorized withdrawals from a customer’s affiliate bank account and an outside financial institution account for her personal use. Quintero made the customer whole after they discovered the missing funds. (FINRA Case #2019063613303)

JIONG GU (CRD #5768477, NEW YORK, NEW YORK)

December 16, 2020 – An AWC was issued in which Gu was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Gu consented to the sanction and to the entry of findings that he refused to provide documents and information to FINRA related to the Form UB terminating Gu’s pending application for registration. The findings stated that the Form BD and NMA submitted by Sesame Securities LLC identified Gu as the sole owner, CEO, and director. When FINRA staff requested documents and information regarding the applications, Sesame withdrew its NMA by way of a Form BDW and filed a Form U5 terminating Gu’s registration application. Gu then failed to respond to FINRA’s request for documents and information in full. (FINRA Case #2019063861401)

KAPIL MAHESHWARI (CRD #6358540, CLARK, NEW JERSEY)

December 17, 2020 – Maheshwari appealed a National Adjudicatory Council (NAC) decision to the Securities and Exchange Commission (SEC). The NAC barred Maheshwari from associating with any FINRA member in any capacity because he misused confidential information concerning a corporate acquisition obtained during his employment with his former member firm. The bar remains in effect. (FINRA Case #2017055608101)

GUATAM ARORA (CRD #5443201, ORANGE, CALIFORNIA)

December 18, 2020 – An AWC was issued in which Arora was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Arora consented to the sanction and to the entry of findings that he refused to provide documents and information to FINRA related to the termination explanation provided in a Form U5 submitted by his former member firm. The findings stated that the Form U5 disclosed that the firm had discharged Arora and stated that he had solicited various individuals to participate in unapproved investments away from the firm. The Form U5 also stated that he entered into lending arrangements and promissory notes with these individuals without receiving prior approval from the firm. (FINRA Case #2019064867601)

NAJIB HOSSAIN KHAN (CRD #5771774, RICHMOND HILL, NEW YORK)

December 18, 2020 – An AWC was issued in which Khan was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Khan consented to the sanction and to the entry of findings that he refused to provide documents and information to FINRA related to the termination explanation provided in a Form U5 submitted by his former employer. The findings stated that the Form U5 disclosed that the firm had discharged Khan had stated that he had been terminated for suspected involvement in theft from customer bank accounts. (FINRA Case #2019062973402)

BRIAN RADOO (CRD #2558458, TUCSON, ARIZONA)

December 18, 2020 – An AWC was issued in which Radoo was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Radoo consented to the sanction and to the entry of findings that he refused to provide documents and information to FINRA during the course of an investigation that commenced after it learned of the conduct disclosed in a Form U5 submitted by his former member firm. The findings stated that Radoo refused to produce the requested information or documents. The Form U5 submitted by the firm disclosed that his termination was for participation in unreported, unapproved outside business activities. (FINRA Case #2019064942101)

MICHAEL FRANCIS SHILLIN (CRD #5927156, ALTOONA, WISCONSIN)

December 21, 2020 – An AWC was issued in which Shillin was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Shillin consented to the sanction and to the entry of findings that he refused produce the information and documents requested or appear for on-the-record testimony as requested by FINRA related to a Form U5 regarding his termination. The findings state that the Form U5 related information about an investigation of Shillin, alleging that he created and altering documents and e-mails designed to show the existence of a non-existent long term care (LTC) insurance policy, made a series of payments to the ‘beneficiary’ of the non-existent LTC policy, made material misstatements and provided altered documents to Firm personnel during the investigation in an apparent effort to explain the situation, and made misrepresentations to investors relating to the amount and source of expected dividends in their accounts. (FINRA Case #2020068226101)

CHARLES ACHESON LAVERTY (CRD #6358540, CLARK, NEW JERSEY)

December 22, 2020 – Laverty appealed a National Adjudicatory Council (NAC) decision to the Securities and Exchange Commission (SEC). The NAC barred Laverty from associating with any FINRA member in any capacity because he Registered representative borrowed $1.35 million from customers without notifying his firms or obtaining firm approval, falsified a firm compliance questionnaire and heightened supervision attestation, provided false testimony to FINRA, and willfully failed to disclose an unsatisfied judgment and tax lien on his Form U4. The bar remains in effect. (FINRA Case #2016050205901)

YOUSEF ABBASI (CRD #5251101, NEW YORK, NEW YORK)

December 24, 2020 – An AWC was issued in which Abbasi was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Abbasi consented to the sanction and to the entry of findings that he improperly used firm funds for person gain. The findings stated Abbasi improperly charged $27,177.26 worth of personal car rides to his firm’s account. (FINRA Case #2018059184102)

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