Alfonso Papa, of Pennington, New Jersey, a stockbroker formerly associated with Merrill Lynch, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of misconduct associated with “personal bank accounts.” Letter of Acceptance, Waiver and Consent, No. 2016048730602 (Oct. 31, 2016).
According to the AWC, Merrill Lynch informed FINRA that Papa’s January 2016 termination was based upon allegations of the firm’s lack of confidence in Papa due to Papa’s conduct pertaining to personal banking accounts. Subsequently, FINRA launched an investigation into Papa, and requested on September 13, 2016 that Papa provide recorded testimony, per FINRA Rule 8210, regarding the allegations. Papa was also asked by FINRA to provide information and documentation in connection with the termination of his employment from Merrill Lynch.
The AWC stated that on September 28, 2016, Papa responded to FINRA personnel, in which Papa stated that he would not be providing the recorded testimony at any point, nor providing FINRA with information and documentation that was requested. FINRA found that Papa’s failure to cooperate in the investigation into his misconduct was conduct violative of FINRA Rules 2010 and 8210.
Since 2012, Papa has been associated with two different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.
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