Pennsylvania Broker Fined and Suspended by FINRA

This information appeared on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2013.”

Timothy Joseph Golonka (CRD #1792138, Registered Representative, Collegeville, Pennsylvania)

was fined $20,000 and suspended from association with any FINRA member in any capacity for 18 months. The NAC imposed the sanctions following appeal of an OHO decision. The sanctions were based on findings that Golonka, whose responsibilities included acting as a wholesaler of insurance policies, participated in an impersonation scheme, involving telephone calls on which associates impersonated their customers to obtain confidential information from the customers’ insurance companies.

FINRA's findings stated that a team of brokers, which worked at a different firm from Golonka’s firm, decided to review its customers’ insurance policies. The team members impersonated the customers and pretended to give consent for the insurance company representatives to answer Golonka’s questions about such customers’ policies. On the telephone calls, Golonka deceptively addressed a team member as if he was a customer or misrepresented that a customer was on the call. All four telephone calls at issue were made without the customers’ authorization, knowledge or consent.

Additionally, FINRA's findings stated that aggravating factors included the intentional nature of Golonka’s conduct, the deceptive manner in which he attempted to procure the confidential information, the fact that he was motivated by potential for gain in the form of a new business relationship, and Golonka’s attempts to mislead or conceal his misconduct from his firm and FINRA.

The suspension is in effect from May 6, 2013, through November 5, 2014.
(FINRA Case #2009017439601)

On FINRA's BrokerCheck Timothy Golonka was previously registered with FINRA at the following brokerage firms:

NFP SECURITIES, INC.
CRD# 42046
KING OF PRUSSIA, PA
11/2009 - 09/2011

HARTFORD EQUITY SALES COMPANY INC.
CRD# 6604
KING OF PRUSSIA, PA
10/2005 - 04/2009

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
CRD# 7691
NEW YORK, NY
10/1996 - 09/2005

This ends the information obtained on FINRA’s website.

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