Complinet logo
Search
Contact us

FINRA sanctions broker over unapproved outside business activities, life settlements

Oct 22 2012 Stuart Gittleman, Compliance Complete

The Financial Industry Regulatory Authority has sanctioned a registered representative from Georgia over undisclosed outside business activities and for participating in life settlements after the firm barred him from its program. Without admitting or denying FINRA's findings that he violated NASD rule 3030 and FINRA rule 2010, the registered rep, Charles Barnett Davis Jr., agreed to be fined $5,000 and suspended in all capacities for four months. FINRA found that while associated with Transamerica Financial Advisors, Davis, a 40-year industry veteran, engaged in outside business activities without providing prompt written notice to the firm and participated in life settlements after being denied participation in the firm's program. From February 2007 through February 2010 Davis was the managing member and registered agent for two limited liability companies that had been formed to pool investor funds and buy unoccupied land in Georgia and North Carolina to resell it later. Most

Already have an account?

Log in

Want to read this article?

Click here for a free 14 day trial