Michael Quiles III of Long Island City New York is a stockbroker formerly registered with LPL Financial LLC who has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Quiles failed to cooperate in a FINRA investigation into accusations of his unapproved customer loan arrangement. Department of Enforcement v. Michael Quiles III Disciplinary Proceeding No. 2016049315202 (Feb. 2 2018).
According to the Complaint, in April of 2016, an investigation was commenced by FINRA’s Preliminary Investigations Unit in regard to LPL Financial’s February 19, 2016 termination of Quiles, where the firm alleged that Quiles entered into an improper loan arrangement in violation of the firm’s policies.
The Complaint alleged that FINRA made two requests for information about Quiles’ activities according to Rule 8210, but Quiles failed to respond. Quiles was reportedly suspended by FINRA in all capacities on September 1, 2016.
The Complaint stated that Quiles then became subject of another FINRA investigation regarding the improper loan arrangement in January of 2017, where Quiles was asked by FINRA to provide information and documentation by March 15, 2017. However, no information and documentation was provided by the deadline imposed. Quiles reportedly stalled on responding to FINRA’s request, requesting extensions for responding to FINRA staff. The Complaint stated that Quiles partially responded to FINRA’s request by April 7, 2017; however, he failed to provide the requisite financial records and documentation.
FINRA apparently sent Quiles another letter on June 29, 2017, in which FINRA notified him that his incomplete response was conduct violative of FINRA Rule 8210. The Complaint stated that FINRA submitted yet another request to Quiles for the information that Quiles previously failed to provide, imposing a deadline of July 14, 2017. Quiles reportedly neglected to respond, but later contacted FINRA seeking another extension because he had been temporarily admitted into an in-patient facility.
Quiles allegedly failed to respond to FINRA’s July 2017 and September 2017 requests, which were due by October 13, 2017. Consequently, FINRA alleged that Quiles’ conduct, practices and acts demonstrated that he failed to cooperate with FINRA Department of Enforcement’s investigation into his conduct. The Complaint alleged that he violated FINRA Rules 2010 and 8210 as a result.
FINRA Public Disclosure reveals that on September 14, 2005, a customer initiated investment related written complaint involving Quiles’ conduct was settled for $6,000.00 in damages founded on allegations that while Quiles was associated with IFMG Securities Inc., he made misrepresentations to the customer relating to the expected rates of return on a variable annuity investment.
Since February 23, 2001, Quiles has been employed with seven 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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