Michael A. Mahabir, of Monrovia, California, a stockbroker formerly registered with J.P. Morgan Securities LLC, 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 in a FINRA investigation into allegations that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2017052878801 (May 24, 2017).
According to the AWC, Mahabir was terminated by J.P. Morgan LLC on January 13, 2017, based upon allegations that Mahabir, in the course of helping a customer of the firm’s affiliated bank, failed to furnish cash to the customer as required. Mahabir’s alleged misconduct was subsequently investigated by FINRA as to whether Mahabir engaged in the conversion of the customer’s funds.
The AWC stated that on April 4, 2017, Mahabir was reportedly sent a letter from FINRA based on Rule 8210, in which Mahabir was asked to provide information and documentation concerning the allegations that J.P. Morgan LLC cited as the basis of Mahabir’s termination. Mahabir evidently retrieved FINRA’s request on April 10, 2017; however, he never responded to FINRA staff by the April 18, 2017 deadline.
Apparently, on April 20, 2017, a second request was made by FINRA, wherein Mahabir was given until April 27, 2017 to comply. Subsequently, Mahabir contacted FINRA on May 3, 2017, in which he confirmed that the letters from FINRA were received by him but that he would at no point be cooperating by providing the information requested. Mahabir’s refusal to cooperate was conduct FINRA found to be violative of FINRA Rules 2010 and 8210.
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