Brian Carey Sak, of Deerfield, Illinois, a stockbroker formerly registered with Morgan Stanley, was permanently 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 that Sak engaged in selling away or the unauthorized solicitation of a firm customer regarding a business opportunity offered outside Morgan Stanley’s auspices. Letter of Acceptance, Waiver and Consent, No. 20160503913-01 (Dec. 7, 2016).
According to the AWC, on July 22, 2016, FINRA sent Sak a letter in furtherance of the investigation into his misconduct, in which Sak was asked to provide, per Rule 8210, information and documentation in connection with the allegations. The AWC stated that Sak was provided a deadline of August 5, 2016; however, Sak never responded.
The AWC revealed that Sak was sent another request for information and documentation by FINRA on August 8, 2016, in which Sak was instructed to provide such materials by an August 22, 2016 deadline. Subsequently, Sak reportedly spoke with FINRA personnel on August 17, 2016, in which Sak indicated that he understood what FINRA requested of him, but stated that he would not be cooperating by providing such documents at any point. FINRA found that Sak’s failure to cooperate was violative of FINRA Rules 2010 and 8210, which led to his permanent bar.
FINRA Public Disclosure reveals that Sak has been subject to six events concerning allegations of misconduct. Particularly, on May 4, 2016, a customer filed an investment related arbitration claim involving Sak’s misconduct, in which the customer requested $250,000.00 in damages based upon allegations that Sak, as the customer’s financial advisor, made recommendations to the customer concerning a real estate investment that Sak managed, but which was outside the auspices of Morgan Stanley.
Additionally, from August 29, 2016, to October 26, 2016, Sak has been subject to three customer initiated investment related arbitration actions, in which customers have collectively requested $874,000.00 in damages based upon allegations of Sak’s unauthorized investment recommendations in the real estate venture. Sak’s registration with Morgan Stanley was terminated on May 17, 2016, based upon his misconduct.
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