Former Summit Equities Broker Barred by FINRASaturday, September 28, 2019
According to a FINRA Acceptance, Waiver, and Consent, Thomas Stappas failed to provide documents and information requested pursuant to FINRA rules On May 28, 2019, FINRA staff sent a request to Stappas for documents and information. The request was sent in connection with FINRA’s investigation into allegations that Stappas engaged in outside business activities and recommended private securities transactions to two Summit Equities, Inc. customers. Neither activity was disclosed to Summit. Stappas did not produce the requested documents and information by June 7, 2018. On June 12, 2019, FINRA staff sent a second request to Stappas for the same documents and information to be produced by June 26, 2019. As his counsel stated to FINRA staff in telephone calls on July 15 and July 19, 2019, Stappas acknowledged that he received FINRA’s requests dated May 28, 2019 and June 12, 2019 and will not produce the documents and information at any time. For these reasons, FINRA has barred him in all capacities from association with any FINRA member.
Stappas first became registered with FINRA though a member firm in July 1978. In August 1993, he became registered with FINRA through Summit as a General Securities Representative. On July 26, 2018, the Firm provided a termination notice to FINRA that it discharged Stappas for “Engaging in and failing to disclose a private securities transaction.”
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