Financial Industry Regulatory Authority (FINRA) BrokerCheck shows disclosures about securities broker Collins D. Bhola [CRD: 6533629, Melville, New York]. Bhola worked for NYLIFE Securities LLC from November 22, 2016, to April 29, 2024. Recently, a FINRA investigation was initiated to explore the circumstances behind his termination from the securities firm and any potential violations of securities laws. Notably, FINRA says that Bhola refused to cooperate with its requests for testimony, leading to his permanent bar. Continue reading to understand more about Bhola’s disclosures.
FINRA Barred Bhola for Refusing to Provide Testimony
On May 8, 2024, FINRA requested testimony from Bhola as part of their investigation into his employment termination. On May 13, 2024, Bhola responded to FINRA, telling the regulator he would not appear for testimony. Allegedly, he prevented FINRA from obtaining his side of the story. Bhola’s refusal to comply with the regulator’s request resulted in a violation of FINRA Rules 2010 and 8210, leading to his bar from the securities industry on June 13, 2024. FINRA Letter of Acceptance, Waiver, and Consent No. 2023079727201.
NYLIFE Securities Disaffiliated with Collins Bhola for Administrative Reasons
On April 29, 2024, NYLIFE Securities disaffiliated with Collins Bhola, citing administrative reasons for his termination. The company’s Form U5 filing, required upon termination, prompted FINRA to investigate further.
Contact Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney for more information. Bhola and the brokerage firms he worked for deny accusations of sales practice violations. Soreide Law Group has experience representing investors throughout the country and handles cases on a contingency basis.
