FINRA Bars J.P. Morgan Stockbroker In Investigation
Daniel M. Soliman of New York New York a stockbroker formerly employed by J.P. Morgan Securities has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Soliman failed to cooperate with a FINRA investigation into whether FINRA Rules and federal securities laws had been violated by Soliman. Letter of Acceptance Waiver and Consent No. 2018059045002 (June 26, 2019).
According to the AWC, an investigation was commenced by FINRA into Soliman’s possible infractions of FINRA Rules and federal securities laws relating to the trades placed by him in the accounts of customers. Evidently, Soliman was provided a letter from FINRA on May 16, 2019 reportedly instructing Soliman under Rule 8210 to make an appearance before FINRA personnel on June 13, 2019.
The AWC stated that legal counsel had been retained by Soliman in the matter. Apparently, counsel for Soliman reported to FINRA on June 2, 2019 that the regulator’s letter was obtained by Soliman; however, Soliman declined FINRA’s request. In particular, Soliman confirmed with FINRA that he would at no point cooperate in the investigation into his trading activities. Consequently, FINRA found Soliman’s failure to provided recorded testimony to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that since October 5, 2012, Soliman has been associated with seven different securities broker dealers, five of which – Legend Securities Inc. and Meyers Associates (also known as Windsor Street Capital) have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. Particularly, Legend Securities Inc. was expelled by FINRA based on accusations that it did not pay a fine imposed by FINRA in an Extended Hearing Panel Decision containing findings that the firm failed to adequately supervise the firm’s brokers, one who evidently churned a vulnerable person’s brokerage accounts. Department of Enforcement v. Legend Securities Inc. Disciplinary Action No. 2015048048801 (June 21, 2018).
Moreover, Meyers Associates was expelled by FINRA according to an Decision issued by FINRA’s Office of Hearing Officers based in part on accusations that a fraudulent markup scheme had been executed by the firm; and customers were excessively charged on transactions placed in their accounts. Department of Enforcement v. Windsor Street Capital L.P. et al. Disciplinary Proceeding No. 2016048912703 (May 28, 2019).
Soliman was terminated from Legend Securities Inc. on October 6, 2016. He became registered with J.P. Morgan Securities LLC on September 26, 2018.