Eric John Zebrauskas of Carmel Indiana is a stockbroker formerly registered with Securities Service Network Inc. who has been fined five thousand dollars and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in undisclosed outside business activities. Letter of Acceptance Waiver and Consent No. 2013036613701 (Nov. 8 2016).
According to the AWC, on May 15, 2012, during which time Zebrauskas was hired as a stockbroker for Securities Service Network, Inc., he reported to the firm that he was not partaking in any outside business activities; a statement that was reportedly false based upon Zebrauskas having been compensated during that period as a life insurance agent.
The AWC stated that in April of 2013, the firm discovered that since being hired, Zebrauskas had been working as a life insurance agent, where he received $40,000.00 in compensation in connection with his sales activities. Evidently, Zebrauskas failed to notify the firm about his outside business activities and never obtained written approval from the firm to engage in those activities. Consequently, FINRA found that Zebrauskas’ conduct was violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure reveals that on December 16, 2016, a customer filed an investment related written complaint involving Zebrauskas’ conduct, alleging that between 2013 and 2015, during which time Zebrauskas was associated with Summit Brokerage Services, excessive fees had been charged to the customer; investment purchases were made without the customer’s authorization; and mutual fund and stock transactions were placed in the customer’s account that were not suitable for the customer.
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