Sam Peter Paolini, of New York, New York, a stockbroker formerly registered with Hornor, Townsend, & Kent, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he converted a prospective customer’s funds. Letter of Acceptance, Waiver and Consent, No. 2017055696501 (Oct. 13, 2017).
According to the AWC, a prospective customer furnished a check to Paolini for $7,000.00 so that an investment could be purchased. The customer reportedly left blank the payee line as Paolini informed the customer about not having been sure who the check was required to be made out to.
The AWC revealed that Paolini failed to invest the customer’s monies as planned, instead writing his name as payee, followed by cashing the check and keeping the funds for his personal benefit. FINRA found that Paolini converted the customer’s funds; conduct violative of FINRA Rule 2010. Prior to FINRA barring Paolini, he was fired from Hornor, Townsend, & Kent, Inc. on September 25, 2017, based on allegations of cashing a customer’s check for Paolini’s benefit.
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