Christopher T. Joseph, of Toledo, Ohio, a stockbroker formerly registered with Royal Alliance Associates Inc., has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he engaged in private securities transactions and outside business activities when he was employed by Royal Alliance Associates. Letter of Acceptance, Waiver, and Consent No. 2019064979001 (January 12, 2022).
According to the AWC, during the time that Joseph was employed by Royal Alliance and Signator, he was not allowed to take part in any outside business activity unless he first notified the firm about it. FINRA states that when Joseph was registered with Signator, he became associated with another company in May of 2018, where he would manage prospective and current customer relationships. He received $31,750.47 in compensation because of his work, which concluded in November of 2018.
FINRA states that when he was employed by Royal Alliance and Signator, he created a company to launch a mobile application. Joseph was listed as the owner and Chief Executive Officer, and he managed relationships with vendors.
Joseph violated FINRA Rules 2010 and 3270 because he never disclosed his outside business activities to the securities broker dealers.
FINRA states that in March of 2018, Joseph’s activities with the mobile application company involved him raising funds. This resulted in 15 investors collectively purchasing $462,500.00 in notes. Joseph persuaded investors to purchase those notes, and he helped investors obtain the offering documents to move forward.
Joseph was disallowed by his securities broker dealer employers from engaging in private securities transactions, as he failed to disclose those transactions and obtain the firm’s authorization. He violated FINRA Rules 2010 and 3280.
Joseph was permitted to resign from Royal Alliance Associates on January 21, 2021, based upon accusations of his undisclosed outside business activities.
