FINRA suspended Northwestern Mutual Investment Services, LLC broker Travis Capson of Concord, California and variable contracts representative Arnab Sarkar of El Cerrito, CA, and fined them $10,000 each for failing to provide Northwestern Mutual with notice that they participated in a third party business activity outside the scope of their employment with the firm.
Capson and Sarkar join fellow Northwestern Mutual associate Bradley Thomas Badger of Pleasanton, who last month was fined $10,000 and suspended for the same violation.
FINRA Case #2012034456901 (Capson)
FINRA Case #2012034456902 (Sarkar)
Investigators found that in August 2012 and while employed by Northwestern Mutual, Capson and Sarkar signed operating agreements as members and managers of Denari Capital LLC, a currency trading and real estate business. As managers, the pair also opened a bank account for Denari Capital.
According to FINRA, Capson and Sarkar then marketed and solicited investments in Denari from nine potential investors, including two Northwestern Mutual customers, resulting in a $300,000 investment from one of these customers.
The findings state that throughout their involvement with Denari, Capson and Sarkar failed to inform Northwestern Mutual of their outside business activities and failed to provide written notice to Northwestern Mutual ofthe $300,000 private securities transaction, both actions in violation of FINRA/NASD rules.
If you have invested with Travis Capson, Arnab Sarkar or with any broker, representatives or advisor whose solicitation of sales or investments in a third-party business and outside of the scope of his/her employment with a FINRA-registered firm 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.