Paul Wesley Furusho of San Francisco California a stockbroker formerly registered with APW Capital Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Furusho did not testify in a FINRA investigation relating to his potential loan arrangement with an APW Capital customer and his potential undisclosed outside business activity while registered with the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2020066177702 (Sept. 15, 2021).
According to the AWC, Furusho’s termination as stockbroker was made known to FINRA through APW Capital’s filing of a Form U5 in March of 2020. The securities broker dealer indicated to FINRA that Furusho resigned when he was both suspended and under an internal review. This was founded upon APW Capital identifying Furusho as either loaning money to one of its customers, or Furusho helping a customer loan another person money.
FINRA Public Disclosure shows that APW Capital asked Furusho to provide it with documents regarding his guarantee of a loan, but Furusho left without honoring this request. Furusho was also accused of failing to inform APW Capital about his outside business activity. These disclosures led FINRA to launch an investigation into Furusho.
During the investigation, Furusho was asked by FINRA to testify. He received a letter dated July 9, 2021 with instructions to testify on August 3, 2021. Furusho did not show up. The regulator made a second attempt at getting Furusho to testify. He was sent a letter on August 3, 2021 with instructions to show up on August 11, 2021 and talk to investigators. Furusho again failed to show up, and he later told the regulator that this was because of a power outage in his area.
A third request for Furusho’s testimony was made by FINRA on August 13, 2021. Furusho was supposed to make an appearance on August 24, 2021 but did not comply. Furusho found that Furusho violated Rules 2010 and 8210 by failing to testify.
FINRA Public Disclosure shows that Furusho was registered with APW Capital Inc. between June 4, 2015 and March 2, 2020. He was also registered with Tactivest LLC but permitted to resign on March 6, 2020 supported by accusations of Furusho arranging a private loan involving a client. Tactivest indicated that the client was the lender, and Furusho became liable on the loan when the borrower defaulted.
