Former FWG financial advisor, Paul Edward Soll (Soll), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. FINRA investigated suspicious trading activity in an elderly customer’s trust account. As a consequence of Soll’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Soll (FINRA CRD No. 430284) entered the financial industry in 1970 as a general securities representative. Over the course of a near 50-year career, Soll worked for various firms, including Oppenheimer & Co., Inc. and Cantor, Fitzgerald & Co, Inc. From 1986 to 2010, Soll worked for SRM Securities Incorporated. From 2012 to 2017, and during the relevant time period, Soll worked for Financial West Group (“FWG”)
FINRA’s Department of Enforcement initiated an investigation into Soll’s alleged misconduct. FINRA specifically investigated whether Soll engaged in excessive trading, churning, and recommended unsuitable penny stocks in an elderly customer’s trust account held with FWG. FINRA sent Soll a request to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Soll failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Soll 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, Soll failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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