Noel Carino of North Kansas City Missouri a stockbroker formerly employed by General Securities Corp has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA’s investigation into accusations of (1) Carino engaging in unapproved outside business activities and (2) Carino selling away from the firm. Letter of Acceptance Waiver and Consent No. 2018057737501 (Nov. 30, 2018).
According to the AWC, in March of 2018, an investigation had been commenced by FINRA regarding Carino’s possible outside business activities, selling away, and outside investment accounts. Particularly, FINRA had been investigating whether Carino engaged in outside activities without having notified General Securities Corp., whether Carino had any involvement in private securities transactions, and whether Carino had disclosed to the firm his brokerage accounts that were located elsewhere.
As a result, the AWC stated that a letter had been sent by FINRA to Carino’s counsel on May 18, 2018, under Rule 8210, which called upon Carino to provide information and documentation to the regulator by May 31, 2018. Apparently, Carino was made aware at that time that his failure to provide information to FINRA could result in Carino being subject of disciplinary action by FINRA including a bar from the securities industry.
The AWC stated that Carino’s counsel informed FINRA that Carino did not intend on providing certain bank account statements for companies that concerned outside business activities because of the statements encompassing private details about Carino’s family finances. According to Carino’s counsel, Carino’s spouse refused to allow information about her securities holdings and accounts to be released for FINRA’s review. Moreover, the AWC indicated that Carino never furnished information to FINRA in reference to his purported ownership of land sold to a customer of General Securities Corp. in 2017.
The AWC stated that another letter had been sent by FINRA to Carino’s counsel on September 21, 2018, under Rule 8210. That letter reportedly requested the information and documents that had not been provided to the regulator by Carino by the May 31, 2018 deadline. FINRA’s request was also reportedly coupled with a warning that Carino’s non-compliance could prompt FINRA Department of Enforcement to pursue a formal disciplinary proceeding and sanctions against Carino.
In response, Carino’s counsel revealed on October 4, 2018 that Carino knew about the request but that Carino had ceased cooperating with FINRA in regard to the investigation into his alleged misconduct. Consequently, FINRA barred Carino.
Carino’s registration with General Securities Corp. has been terminated as of October 31, 2017.
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