Satya B. Shaw, of Wesley Chapel, Florida, a stockbroker formerly registered with Center Street Securities, Inc., has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Shaw, inter alia, engaged in outside business activities. Letter of Acceptance, Waiver and Consent, No. 2016050095801 (Aug. 7, 2017).
According to the AWC, from February 8, 2010, to November 18, 2016, Shaw reportedly entered into business transactions on six occasions away from the firm despite failing to obtain the firm’s approval. Apparently, he omitted from his firm that he was a member of the six entities, wherein he received payments for facilitating tax and insurance based transactions and managed the remainder of companies set up to facilitate real estate rental arrangements. Consequently, Shaw’s conduct was found by FINRA to be violative of FINRA Rules 2010 and 3270, as well as NASD Rule 3030.
The AWC also stated that between 2009 and 2016, Shaw effected insurance policies while unregistered; conduct that resulted in sanctions by the State of South Carolina, Commonwealth of Virginia State Corporation Commission, State of Utah Insurance Commissioner, State of California Department of Insurance, North Carolina Department of Insurance, as well as Florida Department of Financial Services.
FINRA Public Disclosure reveals that Shaw has been identified in three customer initiated investment related disputes containing allegations of his misconduct while he was employed with Center Street Securities and New York Life Securities. Particularly, on December 21, 1998, a customer initiated investment related written complaint involving Shaw’s conduct was settled for $25,000.00 in damages based upon allegations that Shaw led customers to purchase survivorship whole life policies despite the insurance products having been misrepresented by Shaw.
Subsequently, on July 30, 2004, a customer filed an investment related written complaint regarding Shaw’s activities, in which the customer requested $156,800.43 in damages based upon allegations that the customer’s policies were changed into modified endowments, and Shaw failed to apprise the customers about the tax consequences associated with the customer’s transactions. Moreover, on May 9, 2016, a customer initiated investment related written complaint regarding Shaw’s activities was resolved for $21,844.50 in damages based upon allegations that he failed to return funds to the customer upon an investment’s maturity, and had lost the customer’s account documents.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
