Alexander George Lycouris of Fort Lauderdale Florida a stockbroker formerly employed by MML Investors Services LLC has been suspended for seven months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that (1) Lycouris engaged in an outside business activity without having disclosed that information to MML when he was associated with the securities broker dealer and (2) Lycouris failed to timely comply with an investigation conducted by FINRA into allegations of his undisclosed outside business activity. Letter of Acceptance Waiver and Consent No. 2018059948701 (Nov. 19, 2019).
According to the AWC, in December of 2017, while Lycouris was associated with MML, he was hired by Standpoint Research Inc. to assist Standpoint with offering its customers research and advice relating to cryptocurrency and stock. The stockbroker was tasked with contacting Standpoint’s customers in regard to securing or renewing subscriptions to its research and advice content. The AWC stated that Lycouris was compensated by Standpoint through a salary and bonus.
Lycouris’ activities were examined by MML on August 27, 2018 at which point the securities broker dealer discovered that he maintained an employment relationship with Standpoint. At no point did Lycouris notify MML in regard to the outside business activities he undertook while employed by the securities broker dealer. FINRA found Lycouris’ conduct violative of FINRA Rules 2010 and 3270.
According to the AWC, Lycouris was also uncooperative in FINRA’s investigation. The stockbroker was contacted by FINRA on November 6, 2018 and again on November 29, 2018 – after which point he was terminated by MML – with instructions to provide documents and information to the regulator concerning his involvement with Standpoint as well as the circumstances behind his termination from MML. The AWC stated that in responding to FINRA’s requests, Lycouris omitted information regarding the period in which he was employed by Standpoint and the payments he received from that company.
An additional request had been made by FINRA to secure the documents and information it initially requested. Lycouris’ response revealed that he was not forthcoming – at least initially – in regard to his involvement with Standpoint and the compensation he derived from his activities. In fact, Lycouris’ employment history, salary and bonus differed from what the stockbroker originally conveyed. FINRA determined Lycouris’ failure to timely cooperate with the regulator to be violative of FINRA Rules 2010 and 8210.
On August 31, 2018, Lycouris was terminated by MML supported by accusations of his undisclosed outside business activity.
