The Financial Industry Regulatory Authority suspended an ex-Cetera Financial broker from association with any FINRA member in any capacity for three months because he failed to update his U4 form after a Georgia Superior Court judge ordered him to pay $217,041 owed on a promissory note, according to FINRA.
Without admitting or denying the findings, Zahir H. Kanji signed a letter of acceptance, waiver and consent on Tuesday in which he agreed to the suspension and a $5,000 fine. FINRA accepted the letter Wednesday.
Between October 2005 and May 2019, Kanji was registered as an investment company and variable contracts products representative with Cetera.
The AWC letter did not state why he left Cetera in 2019 and neither does FINRA’s BrokerCheck website. However, it shows he did not join another firm after leaving Cetera and is no longer registered as a broker.
Cetera did not immediately respond to a request for comment Friday.
While associated with Cetera, Kanji executed and delivered a promissory note in the original principal amount of $200,000 with The Bankers Bank (which later changed its name to Silverton Bank) in July 2007, court documents show. In September 2011, PNC Bank division Midland Loan Services, serving as attorney-in-fact for the Federal Deposit Insurance Corp. as receiver of Silverton Bank, sued Kanji in Georgia Superior Court of Cobb County for failure to pay what was owed on the note, according to a complaint on file at the court’s website.