Judith Ann Bufis of East Brunswick New Jersey a stockbroker formerly registered with Kovack Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she failed to cooperate in a FINRA investigation into accusations against Bufis of selling away. Letter of Acceptance Waiver and Consent No. 2016049989802 (Oct. 29, 2018).
According to the AWC, ten days after Bufis’ termination from Kovack Securities Inc., FINRA launched an investigation into her activities to determine whether she engaged in unapproved private securities transactions. The AWC stated that FINRA sent Bufis a notification under Rule 8210, in which Bufis was asked to provide information and documentation regarding her activities to the regulator by October 1, 2018. Apparently, Bufis was warned in FINRA’s notification that if Bufis failed to produce those documents and information, she could be barred by FINRA in all capacities.
Evidently, Bufis failed to provide the information and documentation to FINRA by the deadline imposed. Rather, on October 4, 2018, Bufis’ counsel contacted FINRA to confirm that Bufis received FINRA’s request but would at no point be furnishing the information and documents. FINRA found that Bufis’ failure to cooperate in this respect to be violative of FINRA Rule 2010 and 8210.
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