FARID MORIM Barred By FINRA

FINRA Issues Default Decision Barring Farid Morim

The Financial Industry Regulatory Authority (“FINRA”) announced on February 23, 2018 that it barred J.P. Morgan Securities broker Farid Morim (CRD#: 5023477, Beverly Hills, CA). Evidently, a FINRA Hearing Officer issued a Default Decision on January 26, 2018, finding Morim violated FINRA Rules 8210 and 2010 when he chose not to cooperate with FINRA’s requirements while under investigation for possibly stealing client assets and engaging in unpermitted outside business activities.

J.P. Morgan Disaffiliates With Farid Morim For Alleged Conversion

Supposedly, J.P. Morgan disclosed to FINRA that its grounds for terminating Farid Morim was that he listed himself as a client’s attorney-in-fact. Not only that, but J.P. Morgan told FINRA that it did an “internal review” into allegations of Morim converting a client’s bank account and brokerage account funds. Because of this, FINRA Department of Enforcement investigated Morim in 2017 for conversion and undisclosed outside business activities.

Morim Fails To Respond To FINRA Requests While Under Investigation For Conversion

It appears FINRA asked Farid Morim for information and documentation pursuant to its authority under Rule 8210 which FINRA deems one of the most important tools for investigating a broker’s possible violation of FINRA rules. This Rule essentially commands a broker’s response and subjects the broker to sanctions for non-cooperation. Evidently, in Morim’s case, he responded 76 days late to FINRA Department of Enforcement‘s request from 2016, and then failed to respond to two requests in 2017. This led to FINRA filing a Complaint in September 2017. Apparently, Morim did not respond to it. Therefore, FINRA’s Hearing Officer issued a Default Decision barring Morim for violating FINRA rules.

FINRA Previously Sanctioned Farid Morim Because Of Non-Compliance

Previously, on August 17, 2017, FINRA suspended Farid Morim for failing to comply with FINRA Arbitration #: 16-00546. Ironically, Morim brought the claim against J.P. Morgan alleging, inter alia, wrongful termination and breach of contract. The Panel not only dismissed Morim’s claim against J.P. Morgan, but also ordered Morim to pay J.P. Morgan $4,200 in sanctions. Also, FINRA suspended Morim on October 20, 2016 for failing to respond to its request for information.

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