Michael Burton Ohlemacher of Maumee, Ohio, a stockbroker formerly registered with WS Brokerage Services Inc., has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Ohlemacher engaged in outside business activities during the time that he was associated with WS Brokerage Services. Letter of Acceptance, Waiver, and Consent No. 2021070251201 (July 11, 2022).
According to the AWC, FINRA was made aware that on January 11, 2021, Ohlemacher had been discharged by WS Brokerage Services based upon allegations of unauthorized outside business activities, which included customer information having been supplied by Ohlemacher to other firms. The securities broker dealer also alleges that Ohlemacher failed to meet company requirements and that he used company property for personal reasons.
Insurance products were sold by Ohlemacher through Western and Southern Life Insurance Company (WSLIC), which was an affiliate of WS Brokerage Services. But Ohlemacher also sold products that were not offered by WSLIC, which required him to get authorization. FINRA states that Ohlemacher referred both customers of WS Brokerage Services and non-customers to companies that were not affiliated with WSLIC. Ohlemacher received $94,000.00 in commissions because of his referrals.
Ohlemacher did not disclose his referrals to WSLIC or WS Brokerage Services. The regulator also found that five compliance questionnaires submitted to WS Brokerage Services by the stockbroker contained his false attestations concerning outside business activities. Ohlemacher violated Rules 2010 and 3270.
Ohlemacher was registered with WS Brokerage Services between April 16, 2010, and February 8, 2021.
