Akio Lawrence Bley, of Bala Cynwyd, Pennsylvania, a stockbroker formerly registered with Mutual Service Corporation, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Bley sold away from his firm. Letter of Acceptance, Waiver and Consent, No. 2014040860301 (Jan. 9, 2017).
According to the AWC, Bley facilitated private securities transactions with a customer of the firm in reference to investments in Tiare and American Credit. Apparently, Bley facilitated a customer’s $60,000.00 investment in American Credit, an entity in the business of arranging for mortgage refinancing. Additionally, he facilitated the customer’s $56,000.00 purchase in Tiare, a startup entity. In both cases, Bley evidently failed to notify Mutual Service Corporation regarding his involvement in the transactions. Consequently, FINRA found Bley’s conduct to be violative of NASD Rules 2110 and 3040.
FINRA Public Disclosure reveals that on January 26, 2011, a customer initiated investment related civil action involving Bley’s conduct was settled for $56,000.00 in damages based upon allegations that he inappropriately invested the customer’s funds in promissory notes.
Bley’s registration with Mutual Service Corporation ended on April 17, 2009. He was registered with Principal Securities from April 16, 2009, to January 26, 2017, at which point Bley was terminated based upon allegations of the misconduct cited in Bley’s aforementioned FINRA disciplinary action.
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