Mark J. Ciriaco of Omaha, Nebraska, a registered representative with Securian, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he had converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2014042879701 (Nov. 20, 2015).
According to the AWC, in 2010, Ciriaco had served as a treasurer of a non-profit choral organization, SO. As a volunteer, Ciriaco reportedly did not receive a salary or direct compensation for working with SO. The AWC stated that Ciriaco was an authorized signer and debt car holder on SO’s bank accounts in connection with his capacity within SO.
The AWC stated that in July 2014, SO’s board of directors had reviewed SO’s bank statements, where they found more than one hundred and fifty transactions associated with Ciriaco that were unrelated to the operations of the organization. These transactions, which totaled $31,000, consisted of payments to cover Ciriaco’s grocery purchases, professional licensing fees, home utility bills, and cash withdrawals in amounts up to $3,000. Ciriaco was reportedly found by the board of directors to have engaged in unauthorized expenditures, where he was instructed to provide repayment. Ciriaco reportedly repaid the funds in July 2014, however FINRA found that Ciriaco’s conduct amounted to conversion in violation of Rule 2010. This ultimately led to Ciriaco’s bar.
Firms and individuals, quite obviously, are prohibited from unauthorized use or borrowing of a customer’s funds or securities, forgery, non-disclosure or misstatement of material facts, and manipulations and various deceptions. These activities are also subject to the civil and criminal laws and sanctions of federal and state governments.
Guiliano Law Group
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