Richard Steven Babjak Jr. of Arlington Heights Illinois the president of World Equity Group Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $14,500.00 in damages supported by accusations that contractual obligations to the customer had been breached and the customer’s account was handled in a negligent manner. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01269 (Nov. 23, 2018).
FINRA Public Disclosure also confirms that Babjak has been fined $50,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that Babjak and World Equity Group allowed a stockbroker to publish exaggerated and unbalanced advertisement; conduct violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rules 2110, 3010(b), 3110(a) and 2210(b)(2)(A). Letter of Acceptance Waiver and Consent No. 2008012099101 (Dec. 13, 2011).
The AWC stated that the firm’s stockbroker, SO, made misleading, unwarranted and exaggerated statements concerning the services and products offered by the firm. Evidently, advertisements used by SO promoted his investment related business activities. This came after FINRA already warned the firm about five of the advertisements used by SO being violative of FINRA Rules. The AWC stated that Babjak reviewed SO’s materials, and approved of fourteen advertisements used by SO knowing that they failed to comply with FINRA Rules. FINRA found the firm to have violated FINRA Rules 2010, 2110, IM-2210-1 and 2210.
Babjak has been associated with World Equity Group Inc. since September 16, 1997.
