The Financial Industry Regulatory Authority barred yet another ex-broker who had been associated with First Standard Financial — a Red Bank, New Jersey-based broker-dealer whose license was recently canceled by FINRA — from associating with any FINRA member firm in any and all capacities.
While investigating allegations that Alec C. Franks engaged in excessive trading in customer accounts as well as outside business activities while associated with First Standard, FINRA requested in March that he provide information and documents, the regulator said. Franks initially cooperated with FINRA’s request, but informed it via email Sept. 2 that he would not provide the info or documents, FINRA said.
As a result, Davis violated FINRA Rules 8210 (governing the provision of information and testimony and inspection and copying of books) and 2010 (governing standards of commercial honor and principles of trade), according to FINRA.
Without admitting or denying the findings, Franks signed a letter of acceptance, waiver and consent Sept. 17 in which he agreed to the sanction. FINRA accepted the letter Friday.
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Franks was registered as a general securities representative with First Standard from August 2014 through April 2019, according to FINRA.