Sam Aziz Consents to FINRA Bar after Refusing to Cooperate with Investigation into Excessive Trading and Unsuitable RecommendationsTuesday, May 14, 2019
On March 18, 2019, former registered representative Sam Aziz (a/k/a Sam Azizeh and Sam Yeyah) submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) Department of Enforcement agreeing to a bar from associating with any member firm failing to cooperate with a FINRA investigation.
According to his FINRA BrokerCheck report, Aziz has been associated with several FINRA member firms since becoming a registered representative in 1988. Within the last ten years, he has been associated with four FINRA member firms located in Dublin, Ohio: Stifel, Nicolaus & Company, Incorporated (September 2008 to December 2012); Wells Fargo Advisors Financial Network, LLC (December 2012 to September 2015); Coastal Equities, Inc. (September 2015 to July 2018); and David A. Noyes & Company (July 2018 to November 2018). Aziz was discharged from Noyes after the firm received a copy of a Wells notice sent by FINRA for activities at a prior firm.
In early 2019, FINRA began investigating allegations of excessive trading and unsuitable recommendations involving the use of margin related to Aziz’s securities activities. They were also investigating whether Aziz attempted to settle a customer’s complaint away from his member firm and whether he used an undisclosed email account and text messages to conduct securities business, among other things.
On March 5, 2019, FINRA staff sent a request for on-the-record testimony to Aziz. Through his counsel, Aziz acknowledged that he received FINRA’s request and would not appear for on-the-record testimony at any time. Thus, Aziz violated FINRA Rules 8210 and 2010.
By signing the AWC, Sam Aziz consented, without admitting or denying the allegations made against him, to a bar from associating with any FINRA member firm in any capacity. FINRA Department of Enforcement approved the AWC on March 27, 2019.
Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm. If you invested with Sam Aziz and you suspect wrongdoing, you may be able to recover from him or Coastal Equities, Inc. and David A. Noyes & Company, the brokerage firms where he was most recently registered. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.