Investigation into a stockbroker

David John Volpe of Scottsdale Arizona a stockbroker registered with First Financial Equity Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Volpe neglected to cooperate with FINRA personnel when he was being investigated for selling away or otherwise borrowing funds from customers while associated with First Financial Equity Corporation. Letter of Acceptance Waiver and Consent No. 2019062404601 (Aug. 2, 2019).

According to the AWC, an investigation had been launched by FINRA following receipt of First Financial Equity Corporation’s notice of Volpe’s termination from the securities broker dealer. Volpe was discharged by First Financial Equity Corporation based upon accusations of him possibly borrowing customer funds or engaging in private securities transactions without informing the firm or procuring the firm’s permission.

The AWC stated that Volpe had been sent a request from FINRA on May 17, 2019 calling upon Volpe to provide documentation and information to the regulator in reference to these allegations. On June 24, 2019, FINRA received correspondence indicating that Volpe would not be cooperating with its request. Volpe’s refusal to cooperate was confirmed through his subsequent telephone conversations with the regulator. The AWC indicated that FINRA never received the documentation and information requested from Volpe. FINRA determined Volpe’s conduct had been violative of FINRA Rules 2010 and 8210.

Although this is the first time Volpe has been sanctioned by a securities regulator, it is the second time he has been suspended from a securities broker dealer. Volpe was employed by LPL Financial LLC between November 29, 2017 and December 27, 2018 at which point he had been terminated from the firm for engaging in capital-raising efforts outside LPL Financial’s auspices and without informing the firm in violation of its policies on private securities transactions.

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