Douglas Simanski, of Altoona, Pennsylvania, a registered representative with NEXT Financial Group, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he failed to cooperate in a FINRA investigation into allegations that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2016049621301 (June 10, 2016).
According to the AWC, NEXT Financial Group notified FINRA on June 3, 2016, that on May 17, 2016, Simanski was terminated. Public disclosure records reveal that on May 17, 2016, NEXT Financial Group, Inc. alleged that Simanski’s discharge was due to selling fictitious investments, and ultimately converting the funds for his personal benefit and use.
Just prior to Simanski’s termination, on May 11, 2016, FINRA sent Simanski a request, per FINRA Rule 8210, for him to provide information and documentation concerning the allegations. The AWC stated that after FINRA allowed Simanski additional time to cooperate with FINRA’s request, Simanski ultimately failed to provide the information and documentation by the May 20, 2016 deadline.
Subsequently, FINRA sent Simanski another request with a deadline of May 31, 2016. Simanski reportedly failed to provide FINRA the requested information by such time. FINRA found that Simanski’s failure to cooperate in the investigation was violative of FINRA Rules 2010 and 8210, leading to his permanent bar.
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