Robert Leslie Mandau (also known as Bob Leslie Mandau) of Willoughby Hills Ohio a stockbroker formerly registered with Thrivent Investment Management Inc. has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Mandau engaged in outside business activities without Thrivent’s approval. Letter of Acceptance Waiver and Consent No. 2020066245201 (Jan. 13, 2021).
According to the AWC, between January of 2012 and December of 2019, the supervisory procedures used by Thrivent required Mandau to refrain from engaging in outside business activities unless he disclosed those activities and obtained authorization to engage in them.
FINRA indicated that Mandau engaged in outside business activities which included tax preparation services. Some of those services involved customers of Thrivent. The AWC indicated that Mandau was compensated for these activities.
Thrivent was lied to by Mandau in regard to his outside business activities. The stockbroker was issued five annual compliance certifications in which he denied having engaged in them. His supervisor was also provided with a false response when making an inquiry about them. Mandau additionally concealed information from the securities broker dealer during its internal probe into his activities. FINRA found that Mandau’s conduct was violative of FINRA Rules 2010 and 3270.
Mandau was registered with Thrivent Investment Management between July 1, 2002 and April 3, 2020.
