Emil John Skyba of Westport Connecticut a stockbroker formerly registered with Westport Capital Markets LLC is the subject of a Revocation Order issued by New Jersey Bureau of Securities in which his stockbroker and investment adviser registration have been revoked based upon findings of Skyba being expelled from a self-regulatory organization for hampering an investigation. In the Matter of Emil John Skyba (Sept. 24, 2019).
The Order noted that Skyba was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he did not provide information or documentation to the regulator in the course of its investigation into his activities. Letter of Acceptance Waiver and Consent No. 2017056500901 (May 11, 2018).
According to the AWC, the stockbroker potentially altered customers’ new account documentation. FINRA wanted Skyba to respond to those accusations and it made requests to that effect between December of 2017 and March of 2018. The stockbroker was not cooperative. On April 16, 2018, Skyba confirmed with FINRA personnel that he knew what was asked of him. He then relayed that he would not be cooperating with the investigation at any point. Skyba consented to the sanction of being barred by FINRA for violating FINRA Rules 2010 and 8210.
Skyba has been identified in four customer initiated investment related disputes pertaining to allegations of his misconduct while employed by securities broker dealers including UBS Financial Services and Westport Capital Markets. FINRA Public Disclosure indicates that a customer initiated investment related complaint pertaining to Skyba’s conduct was settled for $150,000.00 in damages supported by allegations that misrepresentations had been made by the stockbroker and that securities transactions had been facilitated on margin in an excessive manner.
Another customer initiated investment related arbitration claim in reference to Skyba’s conduct was resolved for $75,000.00 in damages based upon accusations that inappropriate leveraged exchange traded exchange traded funds were purchased and sold for the customer’s individual retirement account during the time that Skyba was associated with UBS.
On March 30, 2018, another customer initiated investment related arbitration claim involving Skyba’s conduct was settled for $30,000.00 in damages based upon allegations that the customer was placed into penny stocks and other equities that were not suitable for the customer given the customer’s age and liquidity needs. FINRA Arbitration No. 17-02919. The claim alleges that the customer sustained losses because of Skyba’s bad stock trading practices at Westport Capital Markets.
Skyba’s registration with Westport Capital Markets has been terminated as of September 26, 2017.