Collins D. Bhola, of Melville, New York, a stockbroker registered with NYLIFE Securities LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Bhola refused to provide testimony requested by FINRA in connection with its investigation into the stockbroker. Letter of Acceptance, Waiver, and Consent No. 2023079727201 (June 13, 2024).
On April 29, 2024, NYLife Securities filed a Form U5 (Uniform Termination Notice for Securities Industry Registration) with FINRA. NYLife Securities stated in the Form U5 that the termination of Bhola was because of “administrative reasons.” This triggered an investigation by FINRA to understand the specifics behind the termination.
The regulator’s investigation also concerned FINRA Rule 4530, which requires securities broker dealers to report certain events, including customer terminations and complaints, to the regulator. Rule 4530 requires reporting of any event that may indicate violations of securities laws or regulations, or any action that could affect the firm’s compliance with these laws.
According to the AWC, on May 8, 2024, Bhola was asked to testify in the investigation. Bhola responded to this request on May 13, 2024. In his email, Bhola indicated that he had received FINRA’s request for testimony but would not comply with the request. He refused to appear for testimony at any time, denying FINRA the opportunity to gather his side of the story in their investigation. Therefore, Bhola violated FINRA Rules 2010 and 8210.
Bhola was associated with NYLIFE Securities LLC in Melville, New York, from November 22, 2016, to April 29, 2024.
