Munaem Choudhury, of Staten Island, New York, a stockbroker formerly registered with Chelsea Financial Services, has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in an investigation into his business activities. Letter of Acceptance, Waiver and Consent, No. 2016049602302 (July 19, 2017).
According to the AWC, Choudhury was sent letters from FINRA staff between March 14, 2014, and April 14, 2016, where Choudhury was called upon to provide information and documentation concerning his business activities. Apparently, the information and documentation had not been provided by Choudhury, prompting ongoing attempts by FINRA staff to communicate with him about his compliance. Despite his eventual compliance, FINRA found that Choudhury’s failure to respond by deadlines was conduct violative of FINRA Rules 2010 and 8210.
Choudhury was previously suspended by FINRA for not providing an adequate response to requests FINRA staff made of him. Case No. 2016049602301 (Aug. 16, 2016). Additionally, on July 31, 2007, a customer initiated investment related written complaint involving Choudhury’s conduct was settled for $26,000.00 in damages based upon allegations that Choudhury effected over-the-counter equities trades on an unauthorized basis.
Choudhury was terminated from Chelsea Financial Services on July 29, 2015. Since April 5, 1999, Choudhury has been associated with twelve different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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