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FINRA Disciplinary Action Against Richard Siminou

Banks Law Office

In a recent disciplinary action by the Financial Industry Regulatory Authority (FINRA), Richard S. Siminou faced penalties for trading violations and unsuitable recommendations. The key details of this case are as follows:

  • Sanctions:
    • Siminou received a $5,000 fine.
    • He was suspended from any association with FINRA member firms in all capacities for a four-month period.
    • Siminou was ordered to make restitution payments of $17,021, plus interest, to affected customers.
  • Findings:
    • Siminou neither admitted nor denied the findings.
    • He was found to have engaged in excessive and unsuitable trading in two elderly customer accounts.
    • The trading led to annualized cost-to-equity ratios of over 29 percent and 34 percent for these accounts, respectively.
    • Due to these unsuitable recommendations, the affected customers incurred $17,021 in commissions and fees.
  • Suspension Period: The suspension is effective from September 18, 2023, through January 17, 2024.
  • FINRA Case Number: #2019064511205

If you lost money because of Siminou’s investment advice, please contact Banks Law Office.

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