by Structured Settlement Watchdog
What do people who get suspended by FINRA do for an encore? They go into the "under-regulated netherworld" of structured settlement factoring.
Raffi Boghosian the Chief Operation Officer of Chevy Chase MD's Reliance Funding along with his colleagues, has some problems these days defending lawsuits from state and federal regulators and a third suit, a victims' class action lawsuit
The radar on Raffi has revealed that not long ago Boghosian was suspended from associating with any NASD (now FINRA) member firm in any capacity pursuant to NASD Rule 9552(H) [Source: FINRA Broker Check]
FINRA Rule 8210 requires individuals associated with a FINRA member firm to provide information upon request with respect to any matter involved in an investigation
FINRA Rule 9552(a) permits FINRA to suspend the association of an individual with a FINRA member firm upon twenty-one days' notice if such individual does not provide FINRA with information requested pursuant to FINRA's rules. 9552(H) makes the ban automatic if there is no request to terminate the suspension within 3 months.
Boghosian Not Only One With FINRA Ban
Raffi Boghosian is not the only denizen of the structured settlement factoring industry now interfacing with structured settlement annuitants, with a prior ban from FINRA.
Another individual believed to be associated with a NASP member, was permanently barred in 1997 from acting as a broker or otherwise associating with firms that sell securities to the public and fined $75,000. In the 4 years that that particular individual was licensed, he was employed by two separate firms that were expelled by FINRA. According to the FINRA report, that individual executed or caused to be executed securities transactions in the account of a public customer without the customer's knowledge or consent; and in response to repeated inquiries from public customers requesting the sale of stock, respondent created an disused falsified order tickets and trade confirmations indicating the sale of stock when no such order was entered. Given the Paris Chaikin paralegal forgery mess in NY, the Jose Camacho forgery mess in Florida and the Richart Ruddie phony lawsuit fandango in Rhode island and Baltimore Maryland, the significance may very well be more than just a few divots on the course. FORE!
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