Alec C. Franks of Red Bank New Jersey a stockbroker formerly registered with First Standard Financial Company LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he did not comply with FINRA during the course of its investigation into allegations of his excessive trading and outside business activities while registered with First Standard Financial. Letter of Acceptance Waiver and Consent No. 2019063601701 (Sept. 25, 2020).
According to the AWC, in March of 2020, Franks became the subject of a FINRA investigation in which the regulator was determining if Franks had traded in customer accounts on an unsuitable basis. FINRA was also assessing whether Franks engaged in business activities outside of First Standard Financial’s auspices without permission. Franks had been asked by FINRA in March of 2020 to produce documents and information relating to its concerns.
The stockbroker complied with FINRA’s requests at first. By September 2020, Franks relayed to FINRA that he would no longer provide any response to its requests for his documents and information. FINRA determined that Franks’ failure to comply constituted his violation of FINRA Rules 2010 and 8210.
Franks was registered with First Standard Financial between June 11, 2014 and April 2, 2019.