William James Novack (also known as Bill Novack) of Monticello Indiana a stockbroker formerly registered with Cambridge Investment Research Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Novack failed to cooperate with FINRA’s investigation into accusations of him allowing a barred stockbroker to engage in securities business. Letter of Acceptance Waiver and Consent No. 2019061887702 (Mar. 24, 2021).
According to the AWC, an investigation into Novack’s activities commenced once FINRA received notice from Cambridge about a different stockbroker’s termination. That stockbroker was terminated from the securities broker dealer for allegedly allowing someone to engage in securities business while barred by the regulator. On February 26, 2021, Novack was called upon by FINRA to provide recorded testimony as it related to their investigation into the other stockbroker.
The AWC stated that on March 1, 2021, Novack’s legal counsel relayed to the regulator that Novack would at no point provide recorded testimony in its investigation. Novack’s refusal constituted the violation of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that Novack was registered with CFD Investments Inc. between September 16, 2019 and January 25, 2021. He was terminated by the securities broker dealer based upon being subject of an investigation regarding James Alan Schumaker. That stockbroker has been fined $5,000.00 and suspended for nine months from associating with any FINRA member founded on findings of him permitting a barred person to conduct securities business. Letter of Acceptance Waiver and Consent No. 2019061887701. The barred securities broker allegedly attended meetings with Cambridge customers, spoke with them concerning their account strategies, and engaged in other unauthorized activities.
