Kevin Edward Looser of Lakeview Ohio a stockbroker formerly employed by Sigma Financial Corporation has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in unapproved private securities transactions while associated with Sigma Financial Corporation. Letter of Acceptance Waiver and Consent No. 2017053702901 (June 4, 2018).
According to the AWC, Looser sought and obtained permission from Sigma Financial Corporation for him to engage in outside business activities involving a company he co-owned, Company A, which utilized video technology to connect deaf individuals with on-call interpreters. Yet, between September of 2011 and July of 2014, Looser engaged in activities concerning Company A that extended beyond what Sigma authorized.
In particular, Looser reportedly helped Company A accumulate $430,000.00 by selling fourteen investors membership units in the Company. Apparently, Looser detailed Company A’s investment for thirteen of the firm’s customers and one non-firm customer, and referred those investors to Company A’s other owner so that the investors could purchase membership units in Company A. The AWC also stated that subscription agreements for Company A investments had been discussed by Looser with four investors, wherein two investors provided Looser with checks to purchase membership units.
The AWC stated that Looser failed to procure the firm’s approval prior to engaging in the private securities transactions involving Company A. Looser reportedly never notified the firm about his involvement in those transactions. Consequently, FINRA found that Looser’s conduct was violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 3040.
Looser was discharged from Sigma Financial Corporation on September 29, 2017 founded on allegations that he neglected to inform the firm about the extent of his outside business activities.
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