Jasmit Singh of New York New York a stockbroker formerly registered with JP Morgan Securities LLC has been fined $10,000.00 and suspended for seven months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he engaged in outside business activities and private securities transactions without disclosing this to JP Morgan Securities. Letter of Acceptance Waiver and Consent No. 2019064899201 (Jan. 26, 2021).
According to the AWC, between April of 2018 and February of 2020, Singh neglected to tell JP Morgan Securities about his outside business activities in which he received compensation. FINRA indicated that the stockbroker marketed event promotions, vaping products and apparel services. Singh used two companies to accomplish this. He also worked as a small business consultant. FINRA determined that Singh’s activities were violative of FINRA Rules 2010 and 3270.
From April of 2019 to December of 2019, six investors were told by Singh to invest $500,000.00 in investments that were not offered through JP Morgan. Those investors were apprised by Singh of four private placement offerings through a venture capital fund. Singh arranged for the investors to meet with the fund’s general partner. The stockbroker also provided investors with subscription agreements and instructions for making the investments. FINRA determined that Singh was selling away in violation of FINRA Rules 2010 and 3280.
On February 18, 2020, Singh’s registration with JP Morgan Securities was terminated.
