BROWSE BY TOPIC
Stories of Interest
- Stephen Hicks Barred for Defrauding His CT Hedge Funds - SEC
- Barclays CEO Staley Sees Pay Decline - Frankly, He's Lucky to Still be Employed
- Barclays Female Investment Bankers Earn 21% Less in Bonuses than Male Counterparts
- FINRA Eliminates $400 Fee for Explained Arbitration Decision
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Better Late Than Never in this FINRA Examination
by Howard Haykin
Munaem Choudhury agreed to pay a $5K fine and serve a 6-month suspension to settle FINRA charges that he failed to timely respond to FINRA requests for documents and information in connection with an ongoing examination involving him during his association with his member firm.
BACKGROUND. Choudhury (aka Maurice Skiles), a resident of Ridgewood, NY, has 15 years’ experience with 12 firms. He was associated with Chelsea Financial Services as a General Securities Representative and a General Securities Principal (Series 24) from June 2012 until July 2015. His suspension is currently in effect.
FINRA FINDINGS. Choudhury failed to respond to FINRA requests for documents and information:
- FINRA Staff sent letters to Choudhury on 3/14/16, 4/4/16, and 4/14/16, requesting documents and information in connection with an ongoing examination involving Choudhury during his association with Chelsea.
- Choudhury provided a partial response on 5/11/16.
- FINRA Staff requested a complete response to all outstanding requests on 5/17/17.
- Choudhury did not respond to FINRA’s latest request.
- FINRA Enforcement initiated a non-summary suspension proceeding against Choudhury on 8/16/16.
- Choudhury finally responded in full to the document and information requests, between 9/7/16 and 11/30/16.
FINANCIALISH TAKE AWAYS. Choudhury wasn't a model broker - he worked for 12 broker-dealers over 15 years, and he amassed 10 disclosures on his CRD. So, I wasn't sympathetic to his case when I read how Choudhury pushed aside request after request from FINRA for documents and information. I even wondered why he hadn't been barred from the industry.
But, Choudhury finally took the high road and began giving FINRA what it wanted - just 6 months late. And maybe it's a coincidence that FINRA issued a 6-month suspension.
So, what are we to conclude from this case?
► You'll pay a price when "TAKING YOUR SWEET TIME" to respond to a FINRA inquiry.
► A full and complete response to FINRA is “BETTER LATE THAN NEVER.”
This case was reported in FINRA Disciplinary Actions for September 2017.
For details on this case, go to ... FINRA Disciplinary Actions Online, and refer to Case #2016049602302.