← Broker database 2025-06-02
Kevin Nowaskey Suspended for Failure to Comply with Arbitration Award
According to FINRA, Kevin Nowaskey was suspended from association with any FINRA member firm for failure to comply with an arbitration award or related settlement pursuant to FINRA Rule Series 9554.
The suspension became effective on June 2, 2025. Nowaskey was based in Greenwich, Connecticut and had CRD number 7288073. The matter involves FINRA Arbitration Case #23-02748.
FINRA Rule 9554 authorizes FINRA to suspend individuals who fail to pay arbitration awards, settlements providing for monetary payments, or orders of restitution. This rule is an important component of investor protection because it ensures that arbitration awards have real consequences.
When investors bring successful claims against brokers through FINRA arbitration, they expect to receive the amounts awarded. Brokers who fail to pay undermine the arbitration process and leave harmed investors without compensation. The suspension sanction provides a strong incentive for payment by preventing non-paying brokers from continuing to work in the industry.
The suspension remains in effect until Nowaskey satisfies his payment obligations. While suspended, he cannot associate with any FINRA member firm in any capacity, effectively preventing him from earning income in the securities industry until the award is paid.
For investors, this enforcement mechanism is important protection. Before working with any broker, investors should check their BrokerCheck report to see if there are any unpaid arbitration awards or pending suspensions. This information can reveal important red flags about a broker's reliability and integrity.
FINRA's BrokerCheck tool is available free of charge and provides comprehensive information about brokers' backgrounds, including arbitration history and disciplinary actions.