FINRA Bars Independent Financial Broker For Obstruction
Jon Richard Pariser of Pacific Grove California a stockbroker formerly registered with Independent Financial Group LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA’s investigation into Pariser’s referral of customers to an unregistered individual who possibly sold bad investments to customers. Letter of Acceptance Waiver and Consent No. 2018058207401 (Oct. 4, 2018).
According to the AWC, Pariser was under a FINRA investigation in August 2018 as a result of FINRA learning of allegations about Pariser referring Independent Financial Group LLC customers to a person that was not registered and who advised customers to buy securities that were not appropriate for the customers. The AWC stated that on August 14, 2018, Pariser was sent a request from FINRA for Pariser’s information and documentation relating to the accusations of his misconduct. FINRA stated that Pariser’s information and documentation was due by August 28, 2018.
Apparently, Pariser’s counsel communicated with FINRA staff a day before the deadline to confirm that Pariser received FINRA’s request but would at no point be providing the information and documentation for purposes of FINRA’s investigation. FINRA found Pariser’s failure to cooperate in this regard to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that Pariser is referenced in three additional customer initiated investment related disputes pertaining to allegations of Pariser’s misconduct while employed with Linsco / Private Ledger Corp. and SWS Financial Services, Inc. Particularly, on December 14, 2007, a customer initiated investment related complaint involving Pariser’s activities was settled for $50,000.00 in damages founded on accusations that General Motors, Ford Motor Company and other corporate bond transactions were effected in the customer’s account that were not suitable for the customer.
On May 1, 2007, another customer initiated investment related complaint concerning Pariser’s conduct was resolved for $50,000.00 in damages supported by allegations that unauthorized equities purchases had been executed in the customer’s account. Subsequently, on June 16, 2014, a customer filed an investment related complaint regarding Pariser’s conduct where the customer requested damages estimated to exceed $5,000.00 in damages based upon accusations that Pariser placed stock and over-the-counter equities trades in the customer’s account without procuring the customer’s permission.
FINRA Public Disclosure further reveals that on June 20, 2014, Pariser was terminated from prior employer, SWS Financial Services Inc., founded on allegations of Pariser’s exercise of discretion in customer accounts without written authorization.
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