According to FINRA, Shaquane Smith-Thompson (CRD #7085052), a registered representative based in Jamaica, New York, was suspended from the securities industry effective January 26, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(d). The associated FINRA Case number is 2023078782701.
FINRA Rule 9552(d) provides the authority for FINRA to suspend registered individuals who fail to comply with information requests or who fail to maintain current registration records. This suspension mechanism is a critical component of FINRA's regulatory toolkit, ensuring that all individuals authorized to participate in the securities industry meet their basic obligations of transparency and cooperation with the regulator.
The obligation to provide information to FINRA and to keep registration records current applies to all registered representatives, regardless of their tenure in the industry or the size of their practice. These requirements exist because accurate information is essential to effective regulatory oversight. FINRA relies on the information provided by registered individuals to identify potential risks, investigate complaints, and ensure that the investing public is protected.
Shaquane Smith-Thompson's suspension means that she was prohibited from engaging in any securities business until she came into compliance with FINRA's information requirements. This includes all activities associated with being a registered representative, such as meeting with clients, making investment recommendations, executing trades, and receiving compensation related to securities transactions.
The Jamaica, New York area, located in the borough of Queens in New York City, is home to a diverse community of investors who rely on registered financial professionals for guidance and management of their investments. The suspension of a representative in this area underscores FINRA's commitment to enforcing compliance requirements across all markets and communities.
For investors who may have worked with Shaquane Smith-Thompson, this suspension should prompt a review of your account status and ensure that your investments are being properly managed during the suspension period. Investors should contact their firm to confirm that their accounts have been assigned to another qualified representative and that all pending transactions or instructions are being handled appropriately. As always, investors are encouraged to use FINRA's free BrokerCheck tool to monitor the regulatory status of their financial professionals and to stay informed about any disciplinary actions that may affect the management of their investments.
