Paul Edward Soll of Los Angeles California a stockbroker formerly employed by Financial West Group has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he declined to cooperate with FINRA in an investigation into accusations of Soll’s unsuitable investment recommendations and churning of a customer’s account. Letter of Acceptance Waiver and Consent No. 2017054755202 (July 12, 2018).
According to the AWC, FINRA commenced an investigation into Soll’s activities in December of 2017 following FINRA’s routine examination of the firm. Particularly, FINRA conducted a review of Soll’s possible unsuitable penny stock investment recommendations, excessive trading and churning of a senior customer’s trust account between January of 2013 and December of 2013.
The AWC stated that FINRA reached out to Soll on May 30, 2018, requesting that he provide recorded testimony in FINRA’s Los Angeles, California office on June 26, 2018. Soll reportedly obtained counsel who contacted FINRA on June 20, 2018 to report that Soll acknowledged FINRA’s request but would at no point be providing FINRA with recorded testimony concerning his activities in the senior customer’s account. FINRA concluded that Soll’s failure to testify was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that a customer initiated investment related civil action involving Soll’s conduct was resolved for $660,574.00 in damages based upon allegations of breach of fiduciary duty, breach of contract, and misrepresentation concerning bond purchases effected in the customer’s account while Soll was associated with Oppenheimer & Co., Inc. Case No. 80-04158WPG (C.D. Cal.).
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