Manish Saini Suspended for Undisclosed Private Securities Transaction

According to FINRA, Manish Saini was fined $7,500 and suspended for 60 days for participating in a $500,000 private securities transaction without firm approval. Saini requested approval to purchase preferred shares, but before receiving approval, he signed purchase documents without informing the firm. When questioned, he withdrew his request and falsely claimed he had not funded the investment. Two days later, he wired the $500,000 without approval. During an investigation, Saini initially denied participating, then later admitted it. Private securities transactions away from firms must be disclosed and approved. This ensures proper supervision and prevents conflicts of interest.

Source: FINRA disciplinary actions (PDF)