Bolton Global financial advisor, Paul Wescoe Smith (Smith), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. The underlying basis of the investigation involved allegations Smith engaged in private securities transactions by selling customers interests in the Haverford Group. As a consequence of Smith’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Smith (FINRA CRD No. 1070735) entered the financial industry in 1982 as general securities representative. Over the course of his career, Smith worked for several FINRA members. From 2007 through February 2017, Smith worked for Bolton Global Capital (“Bolton Global”). Smith is no longer associated with any FINRA-member.
FINRA’s Department of Enforcement initiated an investigation into Smith’s alleged misconduct. FINRA specifically investigated whether Smith engaged in private securities transactions involving the Haverford Group, which allegedly is a fraudulent investment. In connection with this investigation, FINRA sent Smith a request to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Smith failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Smith 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, Smith failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.