Nickolay V. Kukekov of New York, New York, a stockbroker registered with Paulson Investment Company LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity for thirty days based upon allegations that Kukekov engaged in an undisclosed outside business activity. FINRA Enforcement (AWC) No. 2021071205501 (Sept. 28, 2022).
According to the AWC, in March and April 2021, while associated with Paulson Investment Company LLC, Kukekov was involved in two outside business activities without providing Paulson with prior written notice. FINRA began an investigation into Kukekov after reviewing the Uniform Termination for Securities Industry Registration (Form U5) that was filed by Paulson concerning his termination from the firm.
Specifically, it was discovered that Kukekov began serving as a director of a company that develops stem cell therapies in March 2021. Kukekov failed to provide Paulson with prior written notice of that outside business activity. In fact, Paulson did not discover that Kukekov was engaged in outside business activity until April 2021 after reviewing his emails. At that point, Kukekov requested approval from Paulson to engage in the outside business activity, which was granted.
Kukekov then engaged in another outside business activity in April 2021, where he accepted a role as CEO of a company developing treatments for degenerative brain disease. Kukekov did not obtain prior written authorization from Paulson for this outside business activity. As a result, Kukekov was discharged by Paulson in late April 2021. Kukekov violated FINRA Rules 2010 and 3270.
Nickolay Kukekov was associated with Paulson Investment Company LLC in New York, NY, as a stockbroker from January 7, 2020 to April 27, 2021.
