Mark S. Prokay of New Castle, Pennsylvania, a registered representative with W&S Brokerage Services, Inc. and affiliated with Western Southern Life, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that he submitted inaccurate and unverifiable documentation pertaining to applications for traditional life insurance products. Letter of Acceptance, Waiver and Consent, No. 2014039926402 (Oct. 20, 2015).
According to the AWC, on May 6, 2015, FINRA had requested that Prokay provide on-the-record testimony concerning his January 2014 discharge from WSBS, pursuant to Rule 8210. Western Southern Life discharged Prokay for the aforementioned conduct concerning faulty applications for traditional life insurance products. The AWC indicated that Prokay never showed up for the on-the-record testimony.
The AWC indicated that FINRA made another request for Prokay to provide such testimony on September 3, 2015. A week later, Prokay e-mailed FINRA’s staff, where he acknowledged FINRA’s requests but indicated that he would not cooperate at any point. FINRA found Prokay’s conduct to be violative of FINRA Rules 8210 and 2010, leading to his permanent bar.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
FINRA registered representatives like Prokay who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.
