Mayur T. Dalal of New Hyde Park New York a stockbroker formerly registered with Kestra Investment Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he neglected to provide recorded testimony to the regulator while under investigation for potentially engaging in private securities transactions and outside business activities. Letter of Acceptance Waiver and Consent No. 2020065664201 (Mar. 9, 2021).
According to the AWC, on February 24, 2020, a Form U5 (stockbroker termination notice) for Dalal had been submitted to FINRA by Kestra Investment Services. The securities broker dealer indicated that its policies were violated by the stockbroker as it pertained to private securities transactions and outside business activities.
On February 19, 2021, FINRA opened an investigation into Dalal’s activities. It asked the stockbroker to provide recorded testimony in response to Kestra Investment Services’ accusations of him potentially selling away. He was expected to make an appearance before FINRA personnel on March 5, 2021. But the regulator received confirmation from Dalal’s legal counsel on February 22, 2021 that Dalal was not going to make any appearance or otherwise cooperate with FINRA in the investigation. The stockbroker violated FINRA Rules 2010 and 8210 for this reason.
FINRA Public Disclosure also reveals that Dalal has been accused by a customer of sales practice violations. On June 30, 2017, a customer filed an investment related complaint regarding Dalal’s activities in which they requested $117,000.00 in damages supported by allegations that they were not provided with information regarding the charges and fees of a variable annuity purchased through Dalal at AXA Advisors LLC.
