Igor Peter Kislitsa, of Citrus Heights, California, a stockbroker formerly registered with PFS Investments Inc., has been charged by Financial Industry Regulatory Authority (FINRA) with failing to cooperate with requests during the regulator’s investigation into allegations of Kislitsa’s unauthorized transactions, including completing customers’ applications without customers being present when Kislitsa was employed by PFS Investments. Department of Enforcement v. Igor Peter Kislitsa, Disciplinary Proceeding No. 2020067014602 (November 30, 2021).
According to the AWC, Kislitsa became the subject of a FINRA investigation when he was terminated as a stockbroker from PFS Investments. FINRA Public Disclosure shows that Kislitsa was discharged by PFS Investments on May 28, 2020, supported by accusations of Kislitsa admitting to completing customers’ securities applications without customers having been present.
The investigation led to FINRA contacting Kislitsa on August 19, 2020, seeking that Kislitsa provide a signed statement in regard to complaints customers made against him. Kislitsa was asked to hand over any documents relating to the allegations made against him by customers. The regulator also sought his explanation of why PFS Investments discharged him.
Kislitsa failed to respond to FINRA’s request, which led to the regulator sending him another one on September 9, 2020. Kislitsa was asked for the same documents and information. He failed to respond. On December 15, 2020, Kislitsa was sent a notice of suspension, which stated that he would not be allowed to associate with any FINRA member in any capacity because of failing to respond to the regulator’s requests.
Once the suspension was in effect, Kislitsa was notified that he would be barred by March 18, 2021, unless he complied with FINRA’s requests. The complaint states that Kislitsa’s first response to FINRA came on March 16, 2021, where he asked to have his suspension terminated even though he did not comply with the regulator’s requests. Kislitsa indicated that he would get in touch with FINRA later but wanted his suspension terminated first. FINRA declined to terminate the suspension without Kislitsa’s cooperation. Kislitsa failed to respond to the regulator’s requests.
Department of Enforcement alleges that Kislitsa obstructed the investigation in violation of FINRA Rules 2010 and 8210.
This is not the first time that Kislitsa has been sanctioned by a regulator. He was sanctioned by California Department of Insurance on December 21, 2015, based upon allegations of Kislitsa failing to disclose that he was charged with a felony during the time that he was associated with Primerica Life Insurance. Case No. LCV 1847-AP.
FINRA Public Disclosure shows that on December 30, 2019, a customer filed an investment related complaint regarding Kislitsa’s conduct. The customer sought compensatory damages founded on accusations of Kislitsa’s poor service while he was registered with PRS Investments. According to the customer, Kislitsa failed to roll over the customers’ assets, resulting in damages to the customer.
Kislitsa was registered with PFS Investments between July 6, 2015, and May 28, 2020.
