Wisconsin General Securities Principal Barred for Refusing to Comply with FINRA Request for Information and Documents Regarding Alleged Excessive TradingWednesday, February 26, 2020
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) to resolve allegations of securities industry rules violations against general securities principal Randy Carpen.
Carpen’s FINRA BrokerCheck report reveals that he has been associated with numerous FINRA member firms within the last ten years. Carpen’s last three firms include Freedom Investors Corp. in Brookfield, Wisconsin (February 2015 to June 2017), IBN Financial Services, Inc. in Liverpool, New York (June 2017 to July 2017) and Vestech Securities, Inc. in St. Louis, Missouri (July 2017 to May 2018).
According to the AWC, FINRA had been investigating allegations that Carpen excessively traded a customer account while he was associated with Freedom Investors and Vestech Securities. On January 15, 2020, FINRA staff requested that Carpen produce documents and information pursuant to FINRA Rule 8210. Carpen acknowledged in a phone call with FINRA staff that he received their request and would not produce the information or documents at any time.
Based on the foregoing, Randy Carpen violated FINRA Rules 8210 and 2010. By signing the AWC, Carpen consented to the imposition of a bar from association with any FINRA member firm in any capacity.
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