Beverly Hills broker appealing ban from brokerage industry
Former chairman of NMS Capital Advisors accused of FINRA violations
The former chairman and majority owner of a Beverly Hills investment banking and brokerage firm will continue to appeal a recent decision that would bar him from the brokerage industry for life.
After stepping down from his position at NMS Capital Advisors last month, Trevor Michael Saliba lost an appeal to the 2017 decision by the Financial Industry Regulatory Authority (FINRA) to ban him for life, the Los Angeles Business Journal reported. FINRA is a nonprofit organization based in Washington D.C. that the Securities and Exchange Commission authorized to regulate brokers.
Saliba told TRD on Friday that he will continue to appeal the decision at the SEC level.
According to FINRA’s findings, Saliba allegedly violated legal restrictions by acting as principal for his brokerage firm during a membership application process. FINRA also alleged Saliba made false statements and provided false documents.
He has denied the claims.
A panel concluded Saliba violated FINRA rules, and that he should be barred from having any association with any firm that is a FINRA member.
Saliba filed an appeal claiming FINRA didn’t offer sufficient evidence to prove its allegations. FINRA let Saliba keep his license pending the appeal, but say he continued to act as a principal of the firm, after instructing him not to.
According to FINRA records, 492 individuals around the country were barred in 2017 from working for any broker-dealer in any role. The regulator is finalizing its data for 2018.
Source: The Real Deal Los Angeles