Former Taylor Capital financial advisor, Dennis Mitchell Farrah (Farrah), was barred from the Financial Industry Regulatory Authority (FINRA) following an enforcement action. The underlying basis of the investigation involved allegations Farrah illegally sold Madyson Capital Management LLC Limited Partnership units. As a consequence of Farrah’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry for life.
Farrah (FINRA CRD No. 2703960) entered the financial industry in 1996 as a general securities representative. From 1993 to 2013, Farrah worked for several different firms. Most recently, Farrah worked for Taylor Capital Management, Inc. from 2013 to December 2017. On January 31, 2018, the Colorado Securities Division revoked Farrah’s Colorado Sales Representative license. Farrah’s FINRA BrokerCheck report discloses 11 negative disclosures, including seven customer disputes.
FINRA’s Department of Enforcement initiated an investigation into Farrah’s alleged misconduct. FINRA specifically investigated Farrah’s alleged “selling away” of Madyson Capital Management LLC Limited Partnership units. FINRA sent Farrah a request to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Farrah failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Farrah 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, Farrah failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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