Feisal A. Malik, of Allentown, Pennsylvania, a stockbroker with Signator Investors, Inc., was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2016048783301 (Sept. 30, 2016).
According to the AWC, between January of 2014 and January of 2016, at a time when Malik was associated with Signator Investors, he engaged customers in an estimated $1,300,000.00 in sales associated with fourteen equity indexed annuities. The AWC stated that Malik was not allowed by his firm to have sold such products, as they were not approved through Signator.
The AWC stated that Malik never disclosed such sales to his firm, nor any compensation derived from his activities. The sales apparently took place through a separate entity which compensated him in connection with the equity indexed annuity sales. As such, FINRA found that Malik violated FINRA Rules 2010 and 3270. Disclosure records reveal that Signator Investors, Inc. terminated Malik amid allegations that Malik admitted to the firm that he had sold equity indexed annuities which had not been approved by the firm.
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