Mark Bedros Beloyan, of Davie, Florida, a stockbroker and securities principal formerly registered with Tradespot Markets Inc., has been fined $60,000.00, suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity, and ordered to pay disgorgement because he failed to supervise certain representatives and engaged in unauthorized transactions during the time that he was an officer of Tradespot Markets Inc. Order Accepting Offer of Settlement, Disciplinary Action No. 2019060700302 (October 26, 2023).
According to the Order, during his association with Tradespot, Beloyan held positions including President, CEO, Anti-Money Laundering Compliance Officer (AMLCO), Chief Compliance Officer (CCO), and Finance and Operations Principal (FINOP).
The primary regulatory issue centered on Beloyan’s conduct during the period between August 2017 and November 2018, specifically regarding transactions involving Supernova Energy Inc. (Supernova). Beloyan facilitated the liquidation of approximately 23,000,000 shares of Supernova stock without a valid registration statement or exemption from registration. This unauthorized activity led to unregistered sales, generating proceeds of around $577,000.00. By failing to perform adequate supervision and due diligence in these transactions, Beloyan violated FINRA Rules 3110 and 2010.
Moreover, Beloyan failed to implement a reasonable Anti-Money Laundering program compliant with Bank Secrecy Act and related regulations. FINRA indicated that he did not detect and report suspicious activities associated with the Supernova transactions and other customer accounts, a violation of FINRA Rules 3310(a) and 2010.
Additionally, Beloyan made false representations to a clearing firm. Specifically, he misled the securities broker dealer regarding the involvement of an individual in a certain account. Therefore, he violated FINRA Rule 2010.
FINRA Disclosure shows that Beloyan is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $103,366.26 in damages based upon alleged excessive trading, unsuitable recommendations, churning, misrepresentation, breach of fiduciary duty, and failure to supervise certain representatives in connection with the sale of stocks when Beloyan was associated with Tradespot Markets Inc. FINRA Arbitration No. 21-02752 (November 8, 2021).
Beloyan was associated with Tradespot Markets Inc. in Davie, Florida, from March 10, 1992, to December 7, 2021.
