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Matthew Roger Quinn, a registered representative with Fifth Third Bank, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after failing to provide on-the-record testimony in connection with an investigation into allegations that Quinn had stolen funds from elderly customers. Letter of Acceptance, Waiver, and Consent, No. 20130388350 (Mar. 20, 2015).
According to the AWC, Firth Third reported to FINRA, via a Form U5 Termination Notice for Security Industry Registration, that Quinn was terminated based on allegations that while Quinn was in the capacity of registered representative for his firm, he had stolen funds from certain of the bank’s clients. The AWC noted that the banks customers were all elderly (ages 76, 86, 89). Fifth Third Bank terminated Quinn’s employment on October 15, 2013, according to public disclosure records.
The AWC stated that FINRA, on January 16, 2015, sent Quinn a letter requesting that he appear for on-the-record testimony in connection with their investigation into Quinn’s aforementioned misconduct, pursuant to FINRA Rule 8210. Quinn, on February 1, 2015, notified FINRA via e-mail that he would not be appearing for testimony. Quinn also reportedly confirmed with FINRA by phone on February 3, 2015, (the day of his scheduled testimony) that he would not be cooperating with FINRA’s investigation. FINRA found that Quinn violated Rule 8210 and 2010 as a result, leading to his permanent bar.
FINRA registered representatives like Quinn who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esq., and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.