Paradigm Stockbroker Sanctioned For Selling Away
Michelle Lynn Gill (also known as Michelle Lynn Carne, Michelle Lynn Koenig and as Michelle Lynn Pyykola) of East Lansing Michigan a stockbroker formerly registered with Paradigm Equities has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he had been selling away from the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2019063606701 (May 26, 2020).
According to the AWC, from June of 2018 and June of 2018, Gill was involved in investment related activities concerning MBC which included MBC’s private offering of preferred shares. Paradigm was not provided any written notification in regard to Gill’s investment related activities and had never provided any authorization for her to engage in private securities transactions.
FINRA noted that both subscription agreements and documentation regarding the MBC offering had been disseminated by Gill to investors including customers of Paradigm. The AWC stated that some investors’ subscription agreements had been completed by Gill. The stockbroker aided other individuals with competing documentation, and she facilitated investors’ purchases by placing the investors funds’ funds into MBC’s bank account. FINRA noted that in one case, Gill personally showed up at a customer’s residence to assist the customer in completing the documentation relating to the offering of MBC preferred stock shares. Gill’s conduct was violative of FINRA Rules 2010 and 3280.
FINRA Public Disclosure also reveals that a customer initiated investment related complaint in reference to Gill’s conduct was resolved for $69,038.00 in damages based upon accusations that the customer had been provided with bad advice from Gill as it pertained to the mutual fund transactions that were effected during the time that Gill was associated with Paradigm Equities.
Gill was discharged by Paradigm Equities on August 14, 2019 based upon allegations that she failed to report a customer complaint. The securities broker dealer also indicated that Gill used unauthorized communication channels to correspond with investors and had failed to cooperate with its internal investigation into her private securities transactions.