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:
- 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.
- 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.