According to FINRA, Judah Spinner of Las Vegas, Nevada was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for 12 months for participating in private securities transactions without prior written notice to his member firm.

Spinner solicited individuals to invest in an investment fund without disclosing this activity to his firm. His participation included speaking with interested individuals, answering their inquiries about the fund, and providing prospective investors with a private placement memorandum.

In total, individuals invested over $1 million in the fund through Spinner's efforts.

The 12-month suspension—among the longer suspensions for private securities transaction violations—reflects the significant amount of money raised and the scope of Spinner's solicitation activities.

Private securities transactions, sometimes called "selling away," present significant risks to investors. When representatives sell investments outside their firm's supervision, customers lose important protections including due diligence reviews, suitability assessments, and firm oversight of the sales process.

The investments solicited in these situations may be legitimate, or they may be fraudulent. Without firm review, there is no independent check on the quality or appropriateness of what is being sold.

By failing to provide notice to his firm, Spinner prevented the firm from evaluating the fund, assessing whether it was appropriate for the investors who purchased it, and supervising his activities.

The suspension is in effect from May 19, 2025, through May 18, 2026.

Investors should always verify that any investment offered by a registered representative has been approved by their firm. You can ask to see documentation of firm approval.