Billy Pascal Stanage Jr. of Rio Rancho, New Mexico, a stockbroker registered with Commonwealth Financial Network, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Stanage failed to provide information and documents to FINRA during the time that it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2023078100501 (July 10, 2023).
On March 7, 2023, Commonwealth Financial Network reported they had terminated Stanage’s registration, submitting a formal document to FINRA called a Form U5. The securities broker dealer stated that Stanage didn’t get company approval for an outside business activity. Then, on June 1, 2023, Commonwealth Financial Network submitted an updated Form U5. It revealed that, after looking more closely, they found Stanage had taken a loan from a customer without running the arrangement by the company first.
FINRA’s investigation started with the regulator looking into the Form U5 that Commonwealth Financial Network submitted about Stanage. The AWC stated that on June 29, 2023, as part of its investigation into why Stanage was terminated from Commonwealth Financial Network, FINRA asked Stanage for certain information and documents under FINRA Rule 8210. Stanage confirmed in a phone call with FINRA on June 30, 2023, that he got FINRA’s request but would not give them the information or documents they asked for. By not furnishing documents and information to the regulator, Stanage violated FINRA Rules 2010 and 8210.
Stanage was associated with Commonwealth Financial Network as a stockbroker from December 4, 2019, to March 7, 2023.