Osaic Advisor Fined and Suspended for Submitting False Bank Statements

Posted on November 25th, 2024 at 2:13 PM
Osaic Advisor Fined and Suspended for Submitting False Bank Statements

From the desk of Jim Eccleston at Eccleston Law

AdvisorHub recently reported that the Financial Industry Regulatory Authority (FINRA) has imposed a $5,000 fine and a two-month suspension on Kalomira Zangoulos, a former Osaic advisor in Sterling Heights, Michigan.

FINRA's decision follows Zangoulos' requirement to submit personal bank statements under a heightened supervision plan established by Osaic when she was hired. Zangoulos joined Osaic broker-dealer Sagepoint Financial in 2015 after leaving JPMorgan Chase & Co. amid an internal review concerning transactions in her personal accounts, as noted in her BrokerCheck record.

AdvisorHub reports that in February 2016, Zangoulos allegedly altered her personal bank statements to remove specific transactions, including charges for insufficient funds and a cash withdrawal at a casino. FINRA cited this falsification as a violation of its catch-all Rule 2010, which mandates that actions inconsistent with "high standards of commercial honor" and "equitable principles of trade" are unacceptable.

Zangoulos settled the FINRA claim without admitting or denying its findings in what is known as an Acceptance, Waiver, and Consent (“AWC”).

 

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

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