Huntington Stockbroker Sanctioned For Selling Away
William Joseph Kielczewski (also known as Bill Kielczewski) of Toledo Ohio a stockbroker formerly registered with The Huntington Investment Company has been fined $50,000.00 and suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Extended Hearing Panel Decision containing findings that Kielczewski had been selling away from the securities broker dealer and that Kielczewski lied about his activities. Department of Enforcement v. William Joseph Kielczewski Disciplinary Proceeding No. 2017054405401 (May 15, 2020).
According to the Decision, during the time that Kielczewski became employed by The Huntington Investment Company, he disclosed a hedge fund named Mariemont Capital LLC (Mariemont Fund) as an outside business activity. Kielczewski also relayed to The Huntington Investment Company that he was a passive owner or investor in a limited partnership that invested in mortgage backed securities. The stockbroker made it seem as though he was not engaging in any private securities transactions. Kielczewski’s outside business activities were approved by Huntington Investment Company for this reason.
FINRA determined that Kielczewski’s representations about his Mariemont Fund related activities were misleading and false. The regulator noted that customers of Kielczewski’s prior employer, Firth Third, had been solicited by him to invest in the Mariemont Fund which resulted in at least six investors following through. The Decision noted that the stockbroker aided one customer in making a $6,000,000.00 investment and he aided a couple other customers in making a $4,000,000.00 investment. FINRA determined that Kielczewski’s private securities transactions were violative of FINRA Rules 2010 and 3280 and that his false statements to his securities broker dealer constituted a violation of FINRA Rules 2010.
Kielczewski was discharged from The Huntington Investment Company on April 26, 2017 based upon accusations that he engaged in unauthorized private securities transactions and had misrepresented activities pertaining to outside business activities.