Former Cambridge Advisor Barred For Failing to Cooperate with FINRA

Posted on May 12th, 2021 at 3:23 PM
Former Cambridge Advisor Barred For Failing to Cooperate with FINRA

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Financial Industry Regulatory Authority (FINRA) has barred William Novack for failing to cooperate with FINRA after it launched an inquiry triggered by his termination from Cambridge.  Novack agreed to the bar as reflected in an Acceptance, Waiver and Consent (“AWC”).

In February, FINRA sent Novack a request for on-the-record testimony.  The request related to whether or not Novack was enabling another barred individual to conduct a securities business. Novack officially declined to appear.

The Novack case is the latest phase of a two-year saga involving Indiana-based Schumaker Financial. In March, James Schumaker settled FINRA's investigation, alleging that Cambridge found his father "on the premises" of the Schumaker Financial office, despite FINRA's bar of the elder Schumaker from the industry 2014. The nature of Novack's involvement in that case is not immediately apparent. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, finra, cambridge advisor

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As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

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