Michael James Gilhooly of South Pasadena California a stockbroker formerly employed by RJJ Pasadena Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA’s investigation into accusations of Gilhooly’s possible violations of federal securities laws pertaining to trading in a customer’s account. Letter of Acceptance Waiver and Consent No. 2017053556901 (July 16, 2018).
According to the AWC, Gilhooly’s activities had been examined in 2017 by FINRA in reference to his trading of securities in a customer’s account in a manner which may have violated federal securities regulations and laws. Evidently, information had been provided by Gilhooly to FINRA in August of 2017 and in November of 2017 in furtherance of the investigation.
The AWC revealed that on June 14, 2018, FINRA personnel submitted a request to Gilhooly for his recorded testimony, according to Rule 8210. The AWC stated that Gilhooly’s counsel contacted FINRA that day to indicate that Gilhooly understood the request but would at no point be providing recorded testimony for FINRA personnel. FINRA found that Gilhooly’s refusal to make an appearance for testimony was violative of FINRA Rules 2010 and 8210. FINRA barred Gilhooly as a result.
This is not the first time that Gilhooly has been subject of a regulatory action concerning allegations of his wrongdoing in the securities industry. Specifically, Gilhooly has been fined $3,000.00 by Virginia Division of Securities and Retail Franchising founded on accusations that Gilhooly executed securities transactions in a Virginia resident’s account without being registered to conduct securities business in the state; conduct violative of Virginia securities Act Section 13.1-504(A)(1). Case No. SEC-2008-00038 (Aug. 18, 2008). Virginia Division of Securities and Retail Franchising stated that Gilhooly admitted to having committed the violative activities.
Additionally, Gilhooly was fined $3,000.00 by Washington State Division of Securities and ordered to cease and desist committing violations of the registration provisions of the Securities Act of Washington based upon Gilhooly’s consent to findings that he effected securities transactions in a Washington resident’s investment account without Gilhooly having been registered in Washington. Case No. S-07-466-08-CO01 (Oct. 15, 2008).
FINRA Public Disclosure further reveals that on May 11, 1999, a customer initiated investment related complaint involving Gilhooly’s activities was resolved for $25,000.00 in damages supported by allegations that Gilhooly placed unsuitable purchases of over-the-counter equities in the customer’s account during the time he was registered with Crowell, Weedon & Co.
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