Steven F. Coffey of Orrville Ohio a stockbroker formerly employed by First American Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to testify in a FINRA investigation concerning his promissory notes sales. Letter of Acceptance Waiver and Consent No. 2018058564201 (July 16, 2018).
According to the AWC, Coffey’s registration with First American Securities Inc. had been terminated on December 9, 2015. FINRA subsequently launched an investigation into Coffey’s sales of promissory notes to First American Securities customers, and requested on June 4, 2018 that Coffey provide information and documentation to the regulator based on FINRA Rule 8210.
The AWC stated that on June 21, 2018, Coffey corresponded with FINRA personnel, confirming that Coffey was in possession of FINRA’s request for his information and documentation. Yet, Coffey evidently refused to cooperate with FINRA’s request.
Consequently, FINRA found that Coffey’s conduct was violative of FINRA Rules 2010 and 8210.
First American Securities Inc. was expelled by FINRA on March 2, 2017 based upon the firm’s apparent failure to pay a $150,000.00 fine imposed by FINRA resulting from Letter of Acceptance Waiver and Consent No. 2015046056405 (Nov. 7, 2006). According to the AWC, between 2013 and 2015, the firm, inter alia: failed to supervise a private placement offering to make sure that it was compliant with Securities Act of 1933 Section 5; failed to supervise an offering as a private securities transaction; disseminated offering documents riddled with misrepresentations and omissions; failed to have an adequate foundation for making private placement recommendations; and failed to conduct reasonable due diligence on private placements. FINRA found the firm to have committed violations of FINRA Rules 2210(d)(1), 2111, 3110 and National Association of Securities Dealers Rules 3040 and 3010.
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