Carlos Andres Abadi, of New York, New York, a stockbroker formerly registered with ACGM, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that he effected potentially unauthorized fund transfers. Letter of Acceptance, Waiver and Consent, No. 2015044587501 (Apr. 4, 2017).

According to the AWC, ACGM Inc. was acquired by Abadi in June of 2011, where he worked in the capacity of the firm’s chief executive officer and president. Apparently, the firm notified FINRA in February of 2017 that Abadi resigned from the firm, and additionally sought to withdrawal from FINRA membership. Prior to this point, FINRA began to investigate certain potentially faulty transactions which had been effected via ACGM and the firm’s affiliate entities which Abadi also indirectly controlled.

The AWC stated that on December 27, 2016, Abadi was sent a letter from FINRA, according to Rule 8210, which requested that Abadi provide FINRA staff with recorded testimony by January 19, 2017. Additionally, Abadi was asked by FINRA on January 5, 2017, to provide documentation and information to FINRA, which included account statements and documents for seven of the firm’s customers as well as debt transactions that involved Abadi’s affiliate firms and ACGM. In both of FINRA requests, Abadi was evidently warned that failing to cooperate in this regard could lead to sanctions which could include a permanent bar being imposed by FINRA.

The AWC stated that FINRA staff provided Abadi with an extension of time to respond; however, Abadi’s counsel later contacted FINRA staff on February 2, 2017, to state that Abadi would not be providing information and documentation for FINRA at any point, nor would he ever provide recorded testimony before FINRA staff. FINRA found that Abadi’s failure to cooperate in this regard was conduct violative of FINRA Rule 2010 and 8210.

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