Paul J. McCabe, Jr., of New York, New York, a stockbroker registered with Olympus Securities, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that McCabe failed to cooperate in a FINRA cycle investigation of Olympus Securities. Letter of Acceptance, Waiver and Consent, No. 2016049532803 (Dec. 8, 2016).
According to the AWC, on September 30, 2016, McCabe was sent a letter from FINRA personnel which requested that McCabe provide information and documentation, per Rule 8210, in connection with the cycle examination of the firm conducted by FINRA in June of 2016. Apparently, the request called for such information and information to be provided on October 14, 2016; however, McCabe never responded.
The AWC stated that McCabe eventually responded to FINRA’s second letter on October 17, 2016, in which he acknowledged what was requested of him by FINRA, but indicated that he would not be cooperating at any point in the investigation. FINRA found that McCabe’s failure to provide FINRA with the requested information and documentation was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that on December 19, 2012, a customer filed an investment related arbitration claim involving McCabe’s conduct, in which the customer requested $7,000,000.00 in damages based upon allegations that McCabe breached his contractual obligations with the customer.
Since 1996, McCabe has been associated with six different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
Guiliano Law Group
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