According to FINRA, Christopher Michael Chiampas has been fined $10,000 (deferred) and suspended from association with any FINRA member for six months for willfully failing to disclose a customer complaint on his Form U4.

Chiampas and an immediate family member, a senior for whom he held power of attorney, opened a joint brokerage account at his firm. Three months later, Chiampas wired $328,000 from the account in connection with a real estate purchase. The family member subsequently complained in writing that the transaction was unauthorized and demanded repayment.

Chiampas did not forward the complaint to his firm as required by its policies. He also failed to amend his Form U4 to disclose the complaint. When customer complaints are not disclosed, regulators and future employers cannot properly evaluate a representative's history.

Chiampas then settled the complaint away from his firm by signing a settlement agreement to repay the withdrawn funds minus certain expenses. The firm did not know of the complaint or approve this settlement, which violated firm policies prohibiting independent settlements.

Settling complaints outside firm channels and failing to disclose them deprives regulators and investors of information about a representative's conduct. Investors can check complaint history through FINRA's BrokerCheck before working with a financial professional.