Richard Kyle Taylor of Duluth Georgia a stockbroker formerly registered with PFS Investments Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in unapproved outside business activities. Letter of Acceptance Waiver and Consent No. 2016049902901 (Apr. 26, 2018).
According to the AWC, during the time that Taylor was associated with PFS Investments Inc., he worked for two companies in the capacity of chief operating officer, where those companies focused on the development, marketing and distribution of devices utilized in the automotive industry. Apparently, Taylor received $75,000.00 a year for his contributions; however he never informed PFS Investments Inc. of his outside activities. Consequently, FINRA found his conduct violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure reveals that a customer filed an investment related arbitration claim regarding Taylor’s conduct where the customer sought $600,000.00 in damages supported by allegations that the customer’s funds were provided to a relative of Taylor as part of outside business activities that Taylor failed to apprise the firm about.
Taylor was terminated from PFS Investments Inc. on April 27, 2016, founded on accusations that he violated the firm’s policies by engaging in unpermitted outside business activities.
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