FINRA'S National Adjudicatory Council (NAC) has upheld a FINRA Office of Hearing Officers' (OHO) decision to bar and fine Nolan Wayne Moore of Beaumont, California for failing to appear for an on-the-record testimony with FINRA regarding allegations that he engaged in undisclosed outside business activities. Moore had previously been terminated by his firm, NYLife Securities LLC for his alleged misconduct related to this case.
According to FINRA, the OHO and NAC, from 2006 to 2009, Moore received compensation totaling $48,000 for providing financial and administrative services to three NYLife customers outside of the scope of his duties with the firm and for selling an equity-indexed annuity to a fourth customer. This annuity was purchased by customer #4 for $228,000, with Moore earning commissions in the amount of $23,940.
In July of 2009, customer #4 filed a complaint with FINRA, alleging that Moore had purchased the annuity without authorization and that Moore converted $90,000 from customer #4's checking account.
Moore was found to have failed to disclose these activities, in violation of both NYLife and FINRA rules.
Accused of the aforementioned failure to disclose outside business activities and unauthorized transaction/conversion misconduct, Moore did not appear for testimony related to these charges and was subsequently barred in a default decision by the OHO.
Upon appeal, the NAC affirmed the OHO's findings and bar for failure to appear, additionally imposing a second bar for Moore's engagement in undisclosed outside business activities and an 18-month suspension and $15,000 fine for Moore's "neglect [of] obligation" relating to his failure to respond timely to FINRA's request for documents.
FINRA implemented a series of rules and regulations regarding a broker or representative's engagement in outside business activities, or actions and services rendered outside of the scope of an individual's employment with a FINRA-member firm. In general, these activities must always be disclosed and in many cases, may actually be prohibited FINRA or a firm's rule or policy.
If you suspect a broker such as Nolan Wayne Moore or another representative's violation of FINRA or firm rules has proven harmful to you or your financial interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.