Harry Seth Datys of New York New York a stockbroker associated with WestPark Capital has been referenced in an investigation initiated by Financial Industry Regulatory Authority (FINRA) on December 20, 2019 into allegations that the stockbroker schemed to defraud investors through his offer and sale of Westpark Capital Financial Services LLC securities. FINRA Investigation No. 20170543816 (Dec. 20, 2019).
According to FINRA Public Disclosure, Datys is facing possible disciplinary action by the regulator for having allegedly omitted and misrepresented information relating to WestPark offerings. FINRA indicated that Datys possibly violated federal securities laws including Securities Exchange Act of 1934 Section 10(b), Securities Act of 1933 Section 17(a) and SEC Rule 10b-5. The stockbroker’s conduct was also possibly violative of FINRA Rules 2010 and 2020 as well as 2111.
This would not be the first time that Datys was sanctioned by a securities regulator. He was previously fined $15,000.00 by New Jersey Bureau of Securities for effecting transactions in New Jersey residents’ accounts while registered with WestPark Capital Inc. during a period in which his registration in New Jersey had been revoked.
FINRA Public Disclosure reveals that Datys has been referenced in fifteen customer initiated investment related disputes concerning accusations of his bad actions when the stockbroker was associated with securities broker dealers including WestPark Capital. On August 18, 2017, a customer initiated investment related arbitration claim in reference to Datys’ activities was resolved for $50,000.00 in damages based upon accusations that Datys’ private placements transactions were not suitable for the customer and had lacked supervision by WestPark Capital. FINRA Arbitration No. 16-00097. The claim also alleges breach of fiduciary duty and negligence with regard to Datys’ activities while associated with the securities broker dealer.
On April 18, 2018, a customer initiated investment related arbitration claim involving Datys’ conduct was settled to resolve allegations that false or misleading statements were made to the customer in regard to securities transactions. The claim alleges that transactions effected in the customer’s WestPark Capital account by the stockbroker were excessive and unsuitable. FINRA Arbitration No. 17-00477.
Datys’ registration with WestPark Capital has been terminated as of January 10, 2020.
