Christopher Thomas Tolmacs of Portage Michigan, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that Tolmacs engaged in unauthorized transactions with customers, made misleading statements in connection with such, and potentially converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2016048966301 (Mar. 10, 2016).
According to the AWC, FINRA had launched an investigation into Tolmacs in February 2016 in an attempt to ascertain whether Tolmacs potentially transacted with customers concerning promissory notes in violation of FINRA Rules; whether he engaged in material omissions and misstatements regarding the promissory note provisions; as well as whether customer funds were converted by Tolmacs.
The AWC indicated that on February 26, 2016, Tolmacs personally received FINRA’s requests that requested he provide documentation and information concerning the aforementioned allegations, as well as provide on-the-record testimony, pursuant to Rule 8210. FINRA indicated that Tolmacs responded by providing FINRA with insufficient documentation and information.
Tolmacs reportedly provided further documentation and information, pursuant to an additional request made by FINRA on February 29, 2016, yet still failed to provide FINRA with sufficient details. The AWC additionally indicated that while Tolmacs provided sworn testimony for FINRA on March 3, 2016, FINRA had not finished examining Tolmacs and arranged for such examination to be continued at a later point.
The AWC stated that Tolmacs received additional requests from FINRA to provide further documentation and information pertaining to FINRA’s investigation. Tolmacs’ counsel subsequently acknowledged FINRA’s requests; however, Tolmacs never provided a response as requested by FINRA.
On March 7, 2016, FINRA eventually received notification from Tolmacs that he would not be cooperating with FINRA’s investigation any further, and would not be supplementing his previous responses or continuing with sworn testimony. FINRA found that Tolmacs violated FINRA Rules 8210 and 2010 for failing to cooperate in this regard, leading to Tolmacs being permanent barred.
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