Investors who believe they suffered losses because of Norman Phillip Fuchs (CRD: 721017), a securities broker in Miami, Florida, may want to review the disclosures on his FINRA BrokerCheck record. Fuchs worked for Hapi Securities LLC from February 23, 2022, to May 5, 2025, and Planner Securities LLC from February 22, 2018, to May 31, 2022. Read on to learn about the FINRA investigation and the sanction that followed.
On September 24, 2026, FINRA accepted an Acceptance, Waiver and Consent (AWC) in Case 2024080134701 that barred Norman Fuchs from working with FINRA member firms. FINRA alleged that Fuchs violated FINRA Rules 8210 and 2010 when he refused to appear and give testimony requested during the investigation.
FINRA’s investigation stemmed from a Form U5 filed by Hapi Securities LLC concerning Fuchs. In the filing, Hapi said it had allowed Fuchs to resign amid concerns that he did not carry out his duties under his agreement with the firm in keeping with industry standards of conduct.
On August 26, 2026, FINRA sent Fuchs a request to appear and provide testimony as part of its investigation. According to the AWC, Fuchs acknowledged receiving the request but said he would not testify.
FINRA Rule 8210 allows the regulator to require people under its jurisdiction to provide information, documents, or testimony during an investigation.
FINRA determined that Fuchs violated Rule 8210 by refusing to testify and alleged that the refusal also violated Rule 2010. Rule 2010 requires securities brokers to observe high ethical standards.
Fuchs consented to FINRA’s findings without admitting or denying them. The underlying circumstances occurred while Fuchs was at Hapi Securities LLC and did not involve an investment product, according to the disclosure.
HAPI reported that it disaffiliated with Fuchs on April 25, 2025, by permitting him to resign. The firm alleged that Fuchs had not carried out his duties under their agreement in keeping with industry standards of conduct.
Investors who believe they lost money because of Norman Fuchs can speak with a securities attorney at Soreide Law Group about whether they may be able to recover their investment losses. Contact the firm online or at (888) 760-6552. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Fuchs and the brokerage firms he worked for deny accusations of sales practice violations.
Moors & Cabot, Inc. (CRD 594) is a brokerage firm based in Boston, Massachusetts. FINRA censured and fined the firm $125,000 after finding it failed to develop and implement an anti-money laundering compliance program reasonably expected to detect and report suspicious transactions, according to an AWC issued August 24, 2026.
Cowen and Company, LLC (CRD 7616), now part of TD Securities (USA) LLC, is a brokerage firm based in New York, New York. FINRA censured and fined the firm a total of $80,000, of which $40,000 is payable to FINRA, according to an AWC issued August 19, 2026.
Webull Financial LLC (CRD 289063) is a brokerage firm based in New York, New York. FINRA censured and fined the firm $115,000 after finding it maintained inaccurate books and records of options order origin codes, according to an AWC issued August 17, 2026.
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