Hayk Nmn Papoyan, of Van Nuys, California, a stockbroker formerly registered with MML Investors Services LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings of Papoyan providing false testimony to the regulator regarding an outside investment account. Letter of Acceptance, Waiver, and Consent No. 2020065058201 (December 20, 2021).
According to the AWC, FINRA investigated Papoyan after receiving a tip from FINRA Office of Fraud Detection and Market Intelligence. The regulator states that an outside brokerage account had been created by Papoyan in July of 2014. Papoyan was required to disclose this account to MML Investors Services. His disclosure of the account came in October of 2019 following an investigation. FINRA states that Papoyan violated FINRA Rules 2010 and 3210.
FINRA had Papoyan testify on June 7, 2021. At that time, Papoyan was asked about the outside account. Papoyan said that he knew nothing about the account and maintained no control over it. The regulator had Papoyan testify again on October 5, 2021, at which time Papoyan admitted that he lied about the account. FINRA states that Papoyan violated FINRA Rules 2010 and 8210.
Papoyan was discharged by MML Investors Services LLC on July 22, 2021, supported by allegations of Papoyan engaging in an outside business activity.
