The following summation of information from FINRA's website listed under “Disciplinary and Other FINRA Actions, April, 2015,” was obtained by the Pompano Beach, Florida-based Soreide Law Group, (888) 760-6552.
Roger Kumar Jr. (CRD #2702488, Ocean Ridge, Florida)
was assessed a deferred fine of $50,000 and suspended by FINRA one year for allegedly making misleading and inaccurate statements to numerous corporate bond dealers in order to participate in, and obtain allocations of bonds for an unregistered proprietary trading firm.
Kumar, while registered at a member firm, operated three disclosed, but unregistered, outside business entities for the sole purpose of purchasing securities, primarily corporate bonds offered in initial public offerings (IPOs), for the unregistered proprietary trading firm.
These misleading and inaccurate statements concerned the nature of the entities’ business operations, value of assets under management, and status, as a minority business, qualified institutional buyer (QIB), foreign buyer and/or institutional account.
FINRA's findings stated that Kumar was actively engaged in the management of his firm’s securities business without being registered as a principal of the firm.
The suspension is in effect from March 2, 2015, through March 1, 2016. (FINRA Case #2012033514201)
Roger Kumar Jr. is not currently registered with any firm. The following are firms where he was previously registered:
12/2013 - 03/2015 HENNION & WALSH, INC. (CRD# 25766) - DELRAY BEACH, FL
10/1996 - 05/2014 PMK SECURITIES & RESEARCH, INC. (CRD# 40145) - DELRAY BEACH, FL
The above information which was obtained on FINRA's website ends here.
Investment losses because of your broker or financial advisor's recommendations? Call the Florida-based Soreide Law Group for a free consultation with an attorney on a possible recovery of your losses: 888-760-6552.
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