← Broker database 2025-08-08
Simon Michel Joseph Suspended for Failing to Disclose State Regulatory Action
According to FINRA, Simon Michel Joseph was assessed a deferred fine of $5,000, censured, and suspended for six months for willfully failing to disclose a state regulatory Consent Order on his Form U4 registration filings.
The Maryland Securities Commissioner had issued a Consent Order finding that Joseph engaged in dishonest and unethical practices. Specifically, the Maryland order found that Joseph had effected discretionary transactions in customer accounts without written authorization and mismarked order tickets.
Despite having notice of the Consent Order when it was issued, Joseph did not amend his Form U4 to disclose it while registered at his firm at the time. He also failed to disclose the Consent Order on subsequent Form U4 filings when he registered with other firms.
Form U4 is the securities industry registration form that requires disclosure of regulatory actions, customer complaints, criminal charges, and other matters that might be relevant to determining whether an individual should be permitted to work in the securities industry. Willful failures to disclose required information are serious violations.
The suspension was in effect from August 18, 2025, through February 17, 2026.
For investors, Form U4 disclosures are important because they appear on BrokerCheck, FINRA's public database of registered professionals. When information is not disclosed, investors cannot make fully informed decisions about who handles their money. Before working with any financial professional, check their BrokerCheck record at brokercheck.finra.org to review their disciplinary history.