Bad Brokers

According to FINRA, Sebastian G. Bongiovanni was named as a respondent in a FINRA complaint alleging that he failed to comply with FINRA's requests for information and documents.

The requests were made during an examination into whether Bongiovanni misrepresented his debts in a mortgage applicati...

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According to FINRA, Sebastian G. Bongiovanni was named as a respondent in a FINRA complaint alleging that he failed to comply with FINRA's requests for information and documents.

The requests were made during an examination into whether Bongiovanni misrepresented his debts in a mortgage application and structured withdrawals in his personal bank accounts. The complaint alleges that the requested documents and information related to certain bank and brokerage accounts; loans, extensions of credit, or other financing; deposits into a personal bank account; checks; and tax returns.

FINRA has stated that the information and documents requested from Bongiovanni were material and necessary to its examination.

Misrepresentation in mortgage applications can constitute fraud and raises serious concerns about an individual's integrity. Structuring withdrawals, which involves breaking up transactions to avoid reporting thresholds, is a federal crime designed to evade the Bank Secrecy Act's reporting requirements.

FINRA's examination authority extends to these matters because the integrity and trustworthiness of registered representatives is relevant to investor protection. If Bongiovanni engaged in the alleged conduct, it could reflect on his fitness to work in the securities industry.

It is important to note that the issuance of a disciplinary complaint represents FINRA's initiation of a formal proceeding in which findings have not been made. The complaint does not represent a decision as to any of the allegations contained therein. Because this complaint is unadjudicated, readers should consider contacting the respondent before drawing any conclusions regarding the allegations.

Cooperation with FINRA examinations is mandatory for all associated persons. Failure to provide requested information can itself result in sanctions, including bars from the industry, regardless of the outcome of the underlying investigation.

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According to FINRA, Andrew Buckanavage was named as a respondent in a FINRA complaint alleging that he converted $177,962.80 by charging personal, non-business expenses to his corporate credit card without authorization.

The complaint alleges that Buckanavage had his employer pay for unauthorized...

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According to FINRA, Andrew Buckanavage was named as a respondent in a FINRA complaint alleging that he converted $177,962.80 by charging personal, non-business expenses to his corporate credit card without authorization.

The complaint alleges that Buckanavage had his employer pay for unauthorized personal expenses by submitting false expense reports that identified the charges as business expenses, or by failing to notify his employer that the charges were for personal expenses.

Specifically, the complaint alleges that Buckanavage used his corporate credit card to repeatedly transfer funds from the credit card to an intermediary PayPal account that he created using his corporate email address, and then to his personal PayPal account. He allegedly then used those funds to pay for personal, non-business expenses.

The complaint also alleges that Buckanavage failed to appear for on-the-record testimony requested by FINRA as part of its investigation into his alleged conversion.

Conversion, which involves the unauthorized taking or misuse of another's property, is one of the most serious violations in the securities industry. When registered representatives convert funds from employers or customers, it represents a fundamental breach of trust.

It is important to note that the issuance of a disciplinary complaint represents FINRA's initiation of a formal proceeding in which findings have not been made. The complaint does not represent a decision as to any of the allegations contained therein. Because this complaint is unadjudicated, readers should consider contacting the respondent before drawing any conclusions regarding the allegations.

If the allegations are proven, Buckanavage could face significant sanctions including a bar from the securities industry. The failure to appear for testimony is itself a serious violation that can result in a bar.

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According to FINRA, EKATS Securities, Inc., also doing business as SBC Partners, was expelled from FINRA membership for failure to provide information or keep information current pursuant to FINRA Rule 9552.

The expulsion became effective on June 6, 2025. The firm was based in New York, New York ...

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According to FINRA, EKATS Securities, Inc., also doing business as SBC Partners, was expelled from FINRA membership for failure to provide information or keep information current pursuant to FINRA Rule 9552.

The expulsion became effective on June 6, 2025. The firm was based in New York, New York and had CRD number 284750.

FINRA Rule 9552 allows FINRA to suspend or cancel the membership of a firm that fails to provide information or keep required filings current. This rule ensures that FINRA has access to the information it needs to fulfill its regulatory functions and that member firms maintain accurate records.

When a firm is expelled from FINRA membership, it can no longer conduct securities business with the public. Expulsion is the most severe sanction FINRA can impose on a member firm and reflects a complete failure to meet the basic obligations of FINRA membership.

Firms are required to respond to FINRA information requests and to keep their registration information current. These requirements exist to protect investors by ensuring regulatory oversight and transparency. When firms fail to meet these obligations, they may be subject to expedited suspension and expulsion proceedings.

For any investors who had accounts with EKATS Securities, the firm's expulsion means they will need to transfer their accounts to another broker-dealer. Investors should contact FINRA or SIPC if they have questions about their accounts or assets held at the firm.

This action serves as a reminder that FINRA membership carries ongoing obligations. Firms that fail to maintain their regulatory responsibilities face serious consequences, up to and including loss of their ability to conduct business in the securities industry.

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According to FINRA, Mercury Capital Advisors, LLC was expelled from FINRA membership for failure to provide information or keep information current pursuant to FINRA Rule 9552.

The expulsion became effective on June 23, 2025. The firm was based in New York, New York and had CRD number 152338.

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According to FINRA, Mercury Capital Advisors, LLC was expelled from FINRA membership for failure to provide information or keep information current pursuant to FINRA Rule 9552.

The expulsion became effective on June 23, 2025. The firm was based in New York, New York and had CRD number 152338.

Prior to the expulsion, the firm had been suspended twice for the same reasons. The firm was suspended on June 2, 2025, and again on June 6, 2025, for failure to provide information or keep information current. When the firm failed to remedy the situation, the suspension converted to an expulsion.

FINRA Rule 9552 provides for expedited proceedings against firms that fail to provide information or documents requested by FINRA or fail to keep required filings current. This rule allows FINRA to quickly address situations where firms are not meeting basic regulatory obligations.

Expulsion from FINRA membership is the most severe sanction available against a member firm. An expelled firm can no longer conduct securities business with the public, effectively terminating its ability to operate in the industry.

For any investors who had relationships with Mercury Capital Advisors, the firm's expulsion means they should ensure their accounts and assets are properly transferred to another broker-dealer. Investors with questions about accounts or assets should contact FINRA or SIPC for assistance.

This case demonstrates that FINRA will take decisive action against firms that fail to comply with information requests and reporting requirements. These obligations exist to ensure regulatory oversight and investor protection, and firms that fail to meet them face serious consequences.

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According to FINRA, Synapse Brokerage LLC was expelled from FINRA membership for failure to provide information or keep information current pursuant to FINRA Rule 9552.

The expulsion became effective on June 23, 2025. The firm was based in Parker, Colorado and had CRD number 137662. The specific ...

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According to FINRA, Synapse Brokerage LLC was expelled from FINRA membership for failure to provide information or keep information current pursuant to FINRA Rule 9552.

The expulsion became effective on June 23, 2025. The firm was based in Parker, Colorado and had CRD number 137662. The specific FINRA case number is 2025085003001.

FINRA Rule 9552 allows FINRA to suspend or cancel the membership of firms that fail to respond to information requests or keep their regulatory filings current. When firms do not remedy these failures during a suspension period, the suspension converts to an expulsion.

An expulsion from FINRA membership means the firm can no longer conduct securities business with the public. This is the most severe sanction FINRA can impose on a member firm and reflects a complete failure to meet fundamental regulatory obligations.

The requirement to respond to FINRA information requests and maintain current filings is essential to FINRA's ability to oversee the securities industry and protect investors. Firms that fail to meet these basic obligations demonstrate that they are unable or unwilling to operate within the regulatory framework designed to protect investors.

For any investors who may have had accounts or relationships with Synapse Brokerage, the firm's expulsion means they should take steps to ensure their assets are properly transferred to another broker-dealer. Investors with questions or concerns should contact FINRA or SIPC for guidance.

This action reinforces that FINRA membership is a privilege that comes with ongoing obligations. Firms that fail to meet these obligations will face serious consequences, including the loss of their ability to conduct business in the securities industry.

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According to FINRA, Kwabena Adusei was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 13, 2025. Adusei was based in Charlotte, North Carolina and had CRD number 7214...

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According to FINRA, Kwabena Adusei was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 13, 2025. Adusei was based in Charlotte, North Carolina and had CRD number 7214627. The specific FINRA case number is 2024083368101.

FINRA Rule 9552(h) provides that if a person fails to respond to a request for information within the time period specified, FINRA may bar that person from association with any member firm. This rule ensures that FINRA can obtain the information it needs to fulfill its investor protection mission.

Cooperation with FINRA is a fundamental obligation of all persons associated with member firms, and this obligation continues even after a person leaves the industry. When individuals fail to respond to FINRA information requests, they prevent regulators from fully investigating potential misconduct and protecting investors.

A bar from the securities industry is permanent and prohibits the individual from associating with any FINRA member firm in any capacity. This sanction reflects the seriousness with which FINRA views failures to cooperate with its regulatory functions.

For investors, this action serves as a reminder that FINRA actively monitors and investigates individuals in the securities industry. When associated persons refuse to participate in regulatory processes, they face severe consequences.

Investors can check the background of any broker using FINRA's BrokerCheck tool, which includes information about bars and other disciplinary actions. This free resource helps investors make informed decisions about who they trust with their investments.

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According to FINRA, Rezwan Mohammed Alam was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 13, 2025. Alam was based in Parkland, Florida and had CRD number 5349513....

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According to FINRA, Rezwan Mohammed Alam was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 13, 2025. Alam was based in Parkland, Florida and had CRD number 5349513. The specific FINRA case number is 2024083235001.

FINRA Rule 9552(h) allows FINRA to bar individuals who fail to respond to requests for information within the specified time period. This expedited proceeding ensures that FINRA can maintain regulatory oversight even when individuals refuse to cooperate.

The obligation to cooperate with FINRA investigations and provide requested information is fundamental to the regulatory framework that protects investors. When individuals fail to meet this obligation, they undermine FINRA's ability to investigate potential misconduct and take appropriate action.

A bar from the securities industry is the most severe sanction FINRA can impose on an individual. It permanently prohibits the person from associating with any FINRA member firm in any capacity, effectively ending their career in the regulated securities industry.

This type of bar, resulting from failure to provide information, does not require findings of any underlying misconduct. The failure to cooperate itself is sufficient grounds for the sanction, reflecting the importance FINRA places on its ability to obtain information from associated persons.

For investors, bars resulting from failures to provide information can be concerning because they leave questions unanswered about what the individual may have been trying to hide. Investors should always check the background of brokers using FINRA's BrokerCheck tool before entrusting them with investments.

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According to FINRA, Courtney Rae Buth was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 27, 2025. Buth was based in Moorhead, Minnesota and had CRD number 5057787. ...

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According to FINRA, Courtney Rae Buth was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 27, 2025. Buth was based in Moorhead, Minnesota and had CRD number 5057787. The specific FINRA case number is 2024084234301.

FINRA Rule 9552(h) provides FINRA with the authority to bar individuals who fail to respond to information requests within the required timeframe. This rule is essential to FINRA's ability to investigate potential misconduct and protect investors.

All persons associated with FINRA member firms have an ongoing obligation to cooperate with FINRA investigations and respond to requests for information. This obligation exists because FINRA cannot fulfill its investor protection mission without access to information from those working in the industry.

When individuals refuse to provide requested information, it raises serious concerns about what they may be attempting to conceal. Regardless of whether any underlying misconduct occurred, the failure to cooperate prevents FINRA from completing its investigation and potentially taking action to protect investors.

A bar from the securities industry is permanent and comprehensive. It prohibits the individual from working in any capacity with any FINRA member firm. This severe sanction reflects the critical importance of cooperation with regulatory processes.

Investors can verify the status of any broker or former broker using FINRA's BrokerCheck tool. This free resource provides information about disciplinary history, including bars, and helps investors make informed decisions about their financial relationships.

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According to FINRA, Jesus Gabriel Cantu was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 30, 2025. Cantu was based in Kyle, Texas and had CRD number 7599050. The s...

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According to FINRA, Jesus Gabriel Cantu was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 30, 2025. Cantu was based in Kyle, Texas and had CRD number 7599050. The specific FINRA case number is 2024083302201.

Under FINRA Rule 9552(h), individuals who fail to respond to FINRA's requests for information within the specified time period may be barred from the securities industry. This rule ensures that FINRA can maintain effective oversight of the industry and protect investors.

The requirement to respond to regulatory inquiries is a fundamental obligation that accompanies registration in the securities industry. When individuals fail to meet this basic requirement, they demonstrate an unwillingness to operate within the regulatory framework designed to protect investors.

A bar from association with FINRA member firms is permanent and applies to all capacities. This means the individual cannot work for any broker-dealer registered with FINRA, whether in a registered or non-registered role.

The seriousness of this sanction reflects the importance FINRA places on cooperation with its regulatory functions. Without the ability to obtain information from associated persons, FINRA cannot effectively investigate potential misconduct or protect investors from harm.

Investors are encouraged to use FINRA's BrokerCheck tool to research the backgrounds of brokers and firms before establishing financial relationships. BrokerCheck provides information about disciplinary actions, including bars, and is available free of charge to help investors make informed decisions.

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According to FINRA, Bennett Knapp Ely was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 13, 2025. Ely was based in West Des Moines, Iowa and had CRD number 721298. ...

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According to FINRA, Bennett Knapp Ely was barred from association with any FINRA member firm for failure to provide information or keep information current pursuant to FINRA Rule 9552(h).

The bar became effective on June 13, 2025. Ely was based in West Des Moines, Iowa and had CRD number 721298. The specific FINRA case number is 2020065108001.

The case number suggests this matter originated from an investigation that began in 2020. After years of proceedings, Ely's failure to provide requested information resulted in a permanent bar from the securities industry.

FINRA Rule 9552(h) authorizes FINRA to bar individuals who fail to respond to information requests within the required timeframe. This expedited process ensures that individuals cannot indefinitely evade regulatory oversight by simply refusing to respond.

All persons associated with FINRA member firms, whether currently registered or formerly registered, have an obligation to cooperate with FINRA investigations. This obligation is essential to FINRA's investor protection mission because regulators cannot investigate potential misconduct without access to relevant information.

A bar from the securities industry is the most severe sanction available for individuals. It permanently prohibits association with any FINRA member firm in any capacity and effectively ends any career in the regulated securities industry.

For investors, bars resulting from failures to cooperate with investigations can be concerning because they prevent full investigation of potential misconduct. Investors should use FINRA's BrokerCheck tool to research the backgrounds of any brokers or firms they are considering, as this free resource provides information about disciplinary history and other important background information.

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