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Joseph G. Mahalick of Chicago, Illinois, a stockbroker for Newport Coast Securities Inc., was barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into allegations of his sales practice violations. Letter of Acceptance, Waiver and Consent, No. 2015045937401 (Jan. 25, 2016).
According to the AWC, on December 1, 2015, Mahalick received a request by FINRA to make an appearance for on-the-record testimony, pursuant to Rule 8210, in furtherance of FINRA’s investigation into activities Mahalick engaged in when he worked at Newport Coast Securities. The AWC indicated that FINRA was particularly investigating whether Mahalick engaged in violations associated with sales practices, books and records rule violations, and registration violations.
The AWC stated that on December 28, 2015, Mahalick’s counsel reached out to FINRA and indicated that Mahalick would not be attending the on-the-record testimony requested by FINRA. FINRA, according to the AWC, made another request on December 31, 2015 for Mahalick to provide on-the-record testimony on July 7, 2016. Two days prior to the scheduled testimony, Mahalick’s counsel informed FINRA that Mahalick would not be appearing for testimony at any point. Consequently, FINRA found Mahalick violated Rule 8210 for failing to cooperate with FINRA’s investigatory requests, and barred him as a result.
Public disclosure records reveal that Mahalick has been subject to two disclosure incidents. On April 8, 2015, Mahalick was named in a FINRA Complaint alleging that Mahalick, while working at Meyers Associates, L.P., took part in the intentional misidentification of the broker of record on order memoranda and account applications submitted to his firm, causing his firm to violate FINRA Rules 2010, 4511, and SEC Rule 17a-3. Department of Enforcement v. Johnson, et al., Disc. No. 2013035533701 (Apr. 8, 2015).
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