Maroof Miyana of Pompano Beach Florida a stockbroker formerly employed by IAA Financial LLC has been suspended on March 26, 2018 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Miyana neglected to furnish information to FINRA personnel in regard to his compliance with a customer initiated investment related settlement agreement or arbitration award.
FINRA Public Disclosure confirms that Miyana is referenced in a customer initiated investment related arbitration claim which was settled for $72,000.00 in damages based upon accusations that Miyana sold the customer bad common or preferred stock investments when he was associated with IAA Financial LLC. FINRA Arbitration No. 14-03451 (Jan. 14, 2016).
Miyana has already been barred from being a stockbroker or investment advisor representative or otherwise associating with securities broker dealers or investment advisor representatives according to a Securities and Exchange Commission (SEC) Order Instituting Administrative Proceedings Pursuant to Securities Exchange Act of 1934 Section 15(b) which contained findings of Miyana engaging in a fraudulent kickback scheme. Administrative Proceeding File No. 3-18241 (Oct. 2, 2017).
The Order referenced that Miyana pleaded guilty to engaging in securities fraud; conduct violative of, inter alia, 15 U.S.C. Section 78j(b). United States v. Jaret Mitchell et al. Crim. Indictment. No. 1:16-CR-00234 (E.D.N.Y. Nov. 3, 2016). The Order also referenced that Miyana consented to a judgement being entered against him which served to permanently enjoin the stockbroker from committing future violations of Securities Exchange Act of 1934 Section 10(b), Securities Act of 1933 Section 17(a) and SEC Rule 10b-5. Securities and Exchange Commission v. Richard St. Julien et al. Civil Action No. 16-cv-02193 (E.D.N.Y.).
The Complaint SEC filed against Miyana preceding his guilty plea alleged that he took part in a fraudulent and deceptive kickback scheme. SEC alleged that Miyana would recommend for investors to buy Forcefield Energy Inc. stocks without apprising them about the fact that he would be paid in the form of a kickback for doing so. SEC also indicated that content-expiring messaging applications were used by Miyana to hide his involvement and complicity with other fraudsters who took part in the scheme.
Miyana was terminated from IAA Financial LLC on January 13, 2015. He was employed by Legend Securities Inc. between December 23, 2014 and May 9, 2016 at which point he was discharged supported by allegations of the stockbroker being arrested and charged with fraud. Miyana has been employed by at least two securities broker dealers since June 12, 2002 which have either been expelled by securities regulators for violations of securities laws or are otherwise defunct.
