Richard Philip Hohol of Roselle Illinois is a stockbroker formerly registered with Cetera Advisors Networks LLC who has been fined five thousand dollars and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he enabled one of the firm’s former registered representatives to execute unauthorized sales of alternative investments. Letter of Acceptance Waiver and Consent No. 2015048340301 (Jan. 19 2018).
According to the AWC, CL was one of the firm’s former registered representatives who, while not associated with any firm, assisted Hohol effect thirty-two alternative investment transactions which included real estate investment trusts and business development corporations. Apparently, in certain transactions CL met with customers to determine whether the customer was suitable for an investment and would take part in making investment recommendations. CL reportedly made suitability determinations on her own and facilitated the completion of paperwork for customers to set up investment accounts at Cetera.
Apparently, CL received payments from Hohol which totaled $102,000.00, and received another $23,250.00 after CL became registered with the firm. The AWC stated that Hohol initially claimed that Hohol paid Hohol for becoming trained on alternative investments, but later admitted that the payments were actually meant to pay Hohol to assist Hohol in procuring securities business. FINRA found Hohol’s unauthorized transactions involving CL to be violative of FINRAA Rules 2010.
On January 20, 2016, Hohol was fired from Cetera Advisor Networks LLC based upon the allegations that he allowed an unauthorized person to effect securities transactions.
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