Mark Brian Quimby of Tampa Florida a stockbroker formerly employed by Allstate Financial Services LLC has been fined $10,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from the firm. Letter of Acceptance Waiver and Consent No. 2014041780601 (Aug. 18, 2015).
According to the AWC, between July 2012 and December of 2013, during the time that Quimby was an Allstate registered representative, he made recommendations for two of the firm’s customers, RM and BK, to invest in TES, which was a security constructed for investment in alternative investments. The AWC stated that TES concentrated its investments in start-up companies and private deals on the local level; those investments were generally illiquid. The AWC also indicated that an equity interest in TES had been provided to investors along with shares of TES’ profits. Evidently, Quimby’s spouse managed TES.
The AWC stated that approximately $39,750.00 had been invested in TES by customer RM. Additionally, $20,000.00 had been invested by BK in TES according to the recommendations made by Quimby. In the cases of RM’s and BK’s investments, Quimby never provided Allstate with any prior notification, and he never procured the firm’s authorization to solicit TES investments. In addition, Quimby was administered compliance questionnaires by the firm which asked him whether any private securities products had been solicited, referred or recommended by him. The AWC stated that Quimby falsely attested to not having recommended the private securities products. FINRA found that Quimby’s conduct was violative of FINRA Rule 2010 and NASD Rule 3040.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that on June 15, 2018, a customer initiated investment related complaint concerning Quimby’s activities was resolved for $34,000.00 in damages founded on allegations that customers provided Quimby a check for investments apparently executed outside the firm’s auspices but were neither able to locate those funds nor obtain information from Quimby in reference to the investments.
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