Robert A. Lax of Paramus, New Jersey, a stockbroker registered with Park Avenue Securities LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Lax failed to provide information and documents to FINRA in connection with the investigation of Lax’s outside business activities. FINRA Enforcement (AWC) No. 2020069019701 (June 14, 2021).
FINRA began an investigation into Lax based on a tip the regulatory body received in March 2021. A month later, on May 24, 2021, Park Avenue Securities LLC filed a Uniform Termination Notice For Securities Industry Registration with FINRA, indicating that Lax’s registration with the firm had been terminated.
In connection with the investigation, FINRA sent Lax a request for documents and information concerning his possible outside business activities on March 31, 2021. Lax requested that FINRA give him additional time to respond, which FINRA agreed to do. On April 29, 2021, Lax partially responded to FINRA’s request but failed to provide specific categories of documents and information. Lax again asked for additional time to provide the missing information and documents, which FINRA again granted. On May 17, 2021, through his counsel, Lax indicated that he received FINRA’s request but would not produce the remaining documents and information at any time. Lax violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that Lax is also referenced in a customer initiated investment related complaint on June 1, 2007 in which the customer requested $22,305.00 in damages based upon allegations that Lax made unsuitable transactions and charged the customer excessive commissions with regard to the recommendation and sale of variable annuities when Lax was associated with Park Avenue Securities LLC.
Robert Lax was associated with Park Avenue Securities LLC from May 3, 1999 to May 24, 2021.
