The suspension is in effect from March 20, 2017, through November 19, 2017. (FINRA Case #2015044509301)
Mark Schklar (CRD #1952816, Eagleville, Tennessee) submitted an AWC (Accept, Waiver & Consent) in which he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for eight months. Without admitting or denying the findings, Schklar consented to the sanctions and to the entry of findings that he participated in private securities transactions by recommending and facilitating the sale of shares in a company that manufactured equipment used to grow marijuana without providing prior written notice to or obtaining prior written approval from his member firm.
The findings stated that Schklar ultimately facilitated the sale of 8 million shares of the company to four investors for total proceeds of $285,250. The findings also stated that Schklar loaned $80,000 to a customer without notifying the firm or obtaining its approval.
The firm’s policies and procedures prohibited registered representatives from lending money to firm customers except under narrow circumstances not present here. In addition, when Schklar completed an annual compliance questionnaire for the firm, he answered “no” to the question asking whether he had borrowed or lent money to a customer.
If you feel you have been misled by Mark Schklar or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.