Nathan Silva, of Omaha, Nebraska, a stockbroker with Ameritas Investment Corp., was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of misconduct against him. Letter of Acceptance, Waiver and Consent, No. 20140426897-01 (July 8, 2016).
According to the public disclosure records, Silva was terminated by Ameritas Investment Corp. on November 20, 2014, amid allegations that Silva had engaged in unauthorized outside business activities, and commingled customer funds in violation of the corporation’s policies. The AWC stated that FINRA received word of allegations and other information pertaining Silva’s conduct at Ameritas and began investigating him in September, 2014.
The AWC stated that on April 27, 2016, FINRA requested that Silva provide recorded testimony before FINRA, per FINRA Rule 8210, in connection with the investigation into allegations of his misconduct. Silva reportedly contacted FINRA on May 5, 2016, in which Silva acknowledged FINRA’s request for testimony but indicated that he would not be providing such at any point in time.
The AWC stated that FINRA sent another request to Silva on May 9, 2016, requesting again that he provide recorded testimony. Silva again declined FINRA’s request, indicating that he would not cooperate any further regarding the matter. As such, FINRA found Silva’s conduct to be violative of FINRA Rules 2010 and 8210, which led to his permanent bar.
Public disclosure records reveal that Silva has been subject to five disclosure incidents. On July 20, 2011, Silva was named in a customer dispute by a customer who alleged Silva did not deliver the customer a prospectus or properly assess the client’s suitability, and failed to disclose the fees regarding an annuity product. On August 6, 2015, Silva settled a customer dispute for $63,935.66 after the customer alleged churning, excessive commissions, and misrepresentation.
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