Paul Vincent Blum, of West Palm Beach, Florida, a stockbroker formerly registered with RBC Capital Markets, LLC, 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 in the course of an investigation into customer complaints. Letter of Acceptance, Waiver and Consent, No. 2016048384802 (Aug. 14, 2017).
According to the AWC, Blum’s conduct was investigated in July 2017 by FINRA, where he was asked by FINRA staff to provide recorded testimony in reference to a customers’ allegations that Blum effected unauthorized trades in their accounts. Blum’s counsel reportedly reached out to FINRA staff on July 25, 2017, to confirm that Blum received FINRA’s request but would at no point make an appearance for recorded testimony. FINRA found that Blum’s failure to testify was conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Blum has been identified in twenty-three customer initiated investment related disputes containing allegations of his misconduct while employed with RBC Capital Markets, LLC. Specifically, on March 24, 2016, a customer initiated investment related complaint involving Blum’s conduct was settled for $393,000.00 in damages based upon allegations that Blum placed bond transactions in the customer’s account in an excessive and unsuitable manner.
On June 3, 2016, another customer initiated investment related written complaint involving Blum’s conduct was settled for $29,000.00 in damages based upon allegations that Blum made misrepresentations to the customer and effected investment transactions despite lacking the customer’s consent. Then, on June 30, 2016, a customer filed an investment related arbitration claim involving Blum’s conduct, in which the customer requested $6,000,000.00 in damages based upon allegations that he was responsible for making unsuitable corporate debt investment recommendations to the customer.
Subsequently, on July 22, 2016, a customer filed an investment related arbitration claim involving Blum’s conduct, wherein the customer requested $200,000.00 in damages supported by allegations that Blum effected corporate energy sector bond transactions in the customer’s account that were not suitable for the customer. Moreover, on June 15, 2017, a customer filed an investment related arbitration claim regarding Blum’s activities, in which the customer sought $250,000.00 in damages based upon allegations against Blum of unsuitable investment recommendations and over-concentration of the customer’s investments in municipal and corporate debt products.
Blum’s registration with RBC Capital Markets, LLC was terminated on November 11, 2015.
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