FINRA Suspends Former Merrill Lynch Broker for 21 Months

Posted on May 22nd, 2020 at 3:04 PM
FINRA Suspends Former Merrill Lynch Broker for 21 Months

From the Desk of Jim Eccleston at Eccleston Law LLC:

Former Merrill Lynch broker, Christopher M. Roumayeh, agreed to a $15,000 fine and a 21-month suspension from association with any FINRA member firm in all capacities.  According to FINRA Enforcement, Roumayeh engaged in outside business activities without providing prior written notice to his firm.    

According to a Letter of Acceptance, Waiver and Consent (“AWC”) signed by Roumayeh on May 7, 2020, Roumayeh engaged in two outside business activities without providing prior written notice to Merrill Lynch.  FINRA Enforcement found that Roumayeh, along with a Merrill Lynch customer, purchased a franchise involved in the professional video gaming industry. FINRA also alleged that Roumayeh formed five corporate entities related to the franchise’s operation.  According to FINRA, Roumayeh solicited a publicly-traded company to invest roughly $5.5 million in exchange for shares in the franchise.

Additionally, FINRA found that Roumayeh purchased commercial real estate through a limited liability company he formed.  FINRA found that for all of these outside business activities, Roumayeh failed to provide written notification to Merrill Lynch.

FINRA found that Roumayeh’s conduct violated FINRA Rules 2010, 3270 and 3280. By signing the AWC, Roumayeh accepted and consented to the entry of FINRA’s findings, without admitting or denying those findings.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: eccleston law, james eccleston, eccleston, finra, merrill lynch, suspension

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