Clark Morris Nobil of Hallandale Florida a former stockbroker, sole proprietor and chief compliance officer of Clark Nobil Co. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Nobil failed to cooperate in a FINRA investigation into whether he engaged in undisclosed business activities or other conduct that ran afoul of FINRA rules. Letter of Acceptance Waiver and Consent No. 2019062569401 (Nov. 19, 2019).
According to the AWC, an examination commenced by FINRA in 2019 which concerned Nobil possibly being appointed as Trustee and engaging in activities as Trustee of certain trusts without disclosing those activities as required by FINRA rules. FINRA stated that it was attempting to determine if Nobil violated FINRA rules through his activities as Trustee or in other capacities.
The AWC stated that on June 5, 2019, as part of FINRA’s investigation into Nobil’s activities, the stockbroker was sent a letter from the regulator which called upon him to produce documentation and information. A response was provided by Nobil over the ensuing ten days. Since Nobil’s response was insufficient, he was contacted by FINRA on September 13, 2019 and instructed to provide additional specific information and documentation to be compliant with FINRA’s investigation. Nobil’s second response to FINRA was also deficient because it consisted of nothing more than his narrative.
FINRA was subsequently provided a letter from Nobil on September 30, 2019 which indicated that the documents that the regulator sought, which included tax returns and bank statements, would not be provided by him. The regulator also received a phone call from Nobil on October 29, 2019 which confirmed that he would not participate any further in FINRA’s investigation. FINRA determined that Nobil’s failure to comply with its requests made under Rule 8210 hampered its ability to determine whether the stockbroker’s appointment or conduct as Trustee was prohibited. FINRA determined that Nobil’s non-compliance was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally confirms that Nobil is referenced in a customer initiated investment related civil action filed in the Circuit Court of Miami-Dade County Florida which was settled to resolve accusations that Nobil violated his fiduciary duties; failed to comply with his contractual obligations; and converted the customer’s funds. Civil Action No. 99-21835-CA-04.
Nobil’s employment with Clark Nobil Co. was terminated as of August 15, 2019.
