Robert G. Nash of Altamonte Springs Florida the former compliance officer for Merrimac Corporate Securities Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that he failed to confirm with FINRA whether he had complied with FINRA Arbitration No. 16-01128 (May 11, 2018) in which he was ordered to pay two customers compensatory damages.
Nash nor Merrimac appeared at the hearing and Claimant was represented by a non-attorney representative.
Particularly, Nash was named in a customer initiated investment related arbitration claim in which the customers were collectively awarded $112,991.00 in compensatory damages based upon Nash being found exclusively liable on the customer’s claims of Nash having executed unauthorized trades in the customer’s account, effected transactions that were in no way suitable for the customer, breached his fiduciary duties to the customer, and mismanaged the customer’s investment account.
This is not the first time that Nash has been subject of a disciplinary action brought by FINRA. Particularly, Nash has been fined $50,000.00 and suspended by FINRA in all principal capacities for one year based upon a National Adjudicatory Council Decision containing findings that he forged documents provided to FINRA personnel concerning the review of the firm’s penny stock transactions. Department of Enforcement v. Merrimac Corporate Securities Inc. et al. Complaint No. 2011027666902 (May 26, 2017).
According to the Decision, customer’s penny stock transactions had not been adequately reviewed by Nash for compliance. Nash apparently caused about thirty-three penny stock transactions to be processed despite those transactions having lacked supervision. One of the transactions reportedly entailed the sale of one million shares of unregistered securities. FINRA’s National Adjudicatory Council found Nash to have violated NASD Rules 3010, 3011, 3310, 2010 and 8210.
FINRA expelled Merrimac Corporate Securities Inc. on March 21, 2016.
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