TAG | Kyle Timothy Holland Barred by FINRA
Kyle Timothy Holland (CRD #2308543, Registered Principal, Austin, Texas)
was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Holland consented to the described sanction and to the entry of findings that, acting in the capacity of his member firm’s managing director, he engaged in activities requiring registration while his FINRA registrations were revoked.
These FINRA findings stated that Holland willfully filed inaccurate and untimely amendments to Forms U4 concerning material information. Holland failed to file Part IIA of Form X-17A-5 in connection with two separate suspensions of his firm.
These findings also stated that Holland caused his firm to violate Regulation S-P. Holland, acting on his firm’s behalf, failed to provide an initial and an annual privacy notice to firm customers for several years, and failed to adopt policies and procedures that address the protection of customer information and records. Holland failed to provide for an annual independent test of the firm’s AML compliance program for two years, and failed to ensure that the firm maintained and reviewed correspondence, including electronic mail correspondence, sent to and from the firm. Holland failed to ensure for two years that all of the firm’s registered representatives attended annual compliance meetings.
FINRA found that for three years, Holland failed to evidence that his firm had conducted supervisory reviews of its producing managers. Holland, as the firm’s managing director, failed to submit a report by the required date; filed the firm’s first report two years after the required date; and failed to adequately discuss specific areas including details on the firm’s system of supervisory controls, procedures for conducting the tests and gaps analysis, and records demonstrating test completion dates.
(FINRA Case #2008011589101)
This information was on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2012.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients before FINRA nationwide. If you have sustained investment losses due to your stock broker/dealer, or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
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