Former David A. Noyes Financial Advisor Sam Aziz Barred for Unsuitable and Excessive Trading
Former David A. Noyes & Company financial advisor, Sam Aziz (Aziz), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. FINRA investigated Aziz’s myriad sales practice violations including unsuitable and excessive trading. As a consequence of Aziz’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Aziz (FINRA CRD No. 1721932) entered the financial industry in 1987 as a general securities representative. Aziz worked for various firms during his career, including but not limited to, Merrill Lynch, Pierce, Fenner & Smith Incorporated; Wells Fargo; and Coastal Equities, Inc. Aziz worked for David A. Noyes & Company (“David Noyes”) most recently; however, the allegations that formed the basis of the FINRA investigation appear to stem from his activity at Coastal Equities. Aziz’s FINRA BrokerCheck Report reveals about three customer complaints. Aziz is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction.
FINRA’s Department of Enforcement initiated an investigation into Aziz’s alleged misconduct. FINRA specifically investigated whether Aziz engaged in excessive trading and unsuitable recommendations involving the use of margin, whether he attempted to settle a customer’s complaint away from his firm, and whether he used an undisclosed personal email account and text messages to conduct securities business all in violation of FINRA rules. FINRA sent Aziz a request to provide on the record testimony pursuant to FINRA Rule 8210. According to FINRA, Aziz failed to cooperate with the investigation in any discernable manner.
Based upon the foregoing alleged misconduct, FINRA asserted Aziz violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Aziz failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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