James Patrick Acosta of New York New York a stockbroker formerly employed by Citigroup Global Markets Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA in an investigation into accusations of Acosta’s outside business activities. Letter of Acceptance Waiver and Consent No. 2016050802201 (June 4, 2018).
According to the AWC, Acosta was terminated by Citigroup on July 27, 2016, wherein the firm notified FINRA that Acosta’s banking account activities and outside business activities had been reviewed by the firm for possible misconduct. Acosta had reportedly been examined for effecting unauthorized transactions as well.
The AWC stated that on April 6, 2018, Acosta was sent a request from FINRA, according to Rule 8210, calling upon Acosta to make an appearance for FINRA personnel and provide testimony concerning the accusations of Acosta’s misconduct as cited by Citigroup Global Markets Inc. Acosta was expected to make an appearance on April 25, 2018; however, he never showed up.
The AWC further stated that on May 14, 2018, Acosta spoke with FINRA personnel and later confirmed that he would not be cooperating by testifying at any point. FINRA found that Acosta’s failure to cooperate was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that this is the second time that Acosta has been sanctioned by FINRA for misconduct. Particularly, on November 18, 2016, he had been suspended by FINRA in all capacities supported by allegations that he neglected to confirm with FINRA whether he satisfied the terms of a customer initiated investment related settlement agreement or arbitration award in reference to FINRA Arbitration Case No. 13-03379.
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