California Securities Fraud Attorney Call Today 800-699-1881
California Securities Fraud Lawyer Firm Overview Attorney Profiles Recoveries Obtained Frequently Asked Questions Testimonials Contact Us
information center
Attorney Advertising Disclaimer
Securities
Broker Misrepresentation
Brokerage Firms Sued
FINRA
Structured Products
Hedge Fund Losses
Recognizing Investment Losses
Recovery of Investment Loss
Securities Arbitration
Reverse Convertible
Misconduct
Securities Fraud
Securities Mediation
Securities Litigation
Stock/ Investment Losses
Suitability/ Unsuitability
Unauthorized Trading
Common Claims
Products
Frequently Asked Questions
Attorney Referrals
Video Center
securities fraud blog
legal blog Click here for a free case evaluation. Read our Articles on Securities Related Issues here. have a question resources
contact us
Name:
Email:
Phone:
Are you a new client?
Message:
10 Avvo avvo badge
If you need help recovering your losses contact us today. View our complete list of brokerage firms and banks we've sued.

Artak Daldumyan Fined & Suspended for Unapproved Outside Business Activities

A FINRA Office of Hearing Officers order suspended former Transamerica Financial Advisors, Inc. broker Artak Daldumyan of Glendale, California for engaging in multiple outside business activities without timely notifying his employing firm, including involvement in real estate, marketing and receiving compensation for serving on a third-party bank's board of directors. FINRA also fined him $12,500.

FINRA OHO Settlement #2012033074202

The investigation states that Daldumyan invested $315,000 in the limited liability real estate company "199 RR," in exchange for which he received a 35% ownership stake and entitlement to profits or losses in the company.

Daldumyan also purportedly joined the board of directors of a local GSB bank and invested $100,000 via private placement in return for 50,000 shares of stock. The report states that beginning in 2011, Daldumyan received $1,000 per month as compensation for serving on the bank's board of directors.

Finally, FINRA charged Daldumyan with engaging in two other outside business activities—serving as a real estate agent and participating in marketing activities for a resort development in Armenia, in which Daldumyan purchased two condominium units.

Additionally, Daldumyan allegedly failed to disclose a judgment lien filed against him and a business belonging to him in Los Angeles County related to a defaulted mortgage.

Daldumyan's BrokerCheck report indicates that following an internal firm review, Transamerica terminated his employment based on the allegations of participation in the various unapproved activities.

FINRA Rule 3270 pertains to outside business activities and requires brokers to provide prior written notice to their member firms of "any business activity outside the scope of the relationship with his or her member firm," in part, to cast a light on potential conflicts of interest, selling away practices and other issues that can arise from "off the radar" investment activity.

If you have invested with Artak Daldumyan or any broker, financial adviser or securities representative whose involvement in outside business activities or private securities transactions has proven harmful to your financial interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

accolades
The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
Website: