Florida Broker Terminated for Selling Away, Barred By FINRA for Failure to Cooperate With Investigation
Randall George Skrabonja (CRD #1858245) is a previously registered securities broker. From October of 2019 to May of 2023, Mr. Skrabonja was an associate of Green Vista Capital, LLC in Winter Park, Florida. Prior to that, he was a registered representative of Sagepoint Financial in Fort Lauderdale and Metlife Securities in West Palm Beach.
In May of 2023, Randall George Skrabonja was separated from his employer (Green Vista Capital) following allegations of unapproved selling away. Subsequently, Mr. Skrabonja was barred by the Financial Industry Regulatory Authority(FINRA) for failure to cooperate with an investigation. Here, our Florida securities fraud attorney provides an overview of the selling away investments case.
Barred Broker: Violation of FINRA Rule 8210—Failure to Cooperate With Investigation
Green Vista Capital submitted a U5 form to FINRA confirming the separation of Randall George Skrabonja from his position at the firm. Based on the information provided on the form, Mr. Skrabonja was discharged by the broker-dealer for “selling away without firm approval.” In accordance with securities industry regulations, FINRA launched a comprehensive investigation into allegations of misconduct of this broker. However, in violation of FINRA Rule 8210, Mr. Skrabonja reportedly failed to provide documents, records, and testimony requested by the agency. Without admitting to any wrongdoing, Mr. Skrabonja consented to the penalties—including a permanent bar from the securities industry.
What is Selling Away in Securities Law?
“Selling away” refers to the practice wherein a securities broker solicits or completes securities transactions that are not held or offered by the brokerage firm with which they are associated. Typically, these transactions occur outside the formal channels of the firm. There are very strict rules and regulations governing these activities as they can expose clients to unvetted and potentially high-risk investments. Indeed, when brokers sell away, they usually bypass the compliance and oversight mechanisms designed to protect investors.
A Broker Must Disclose and Get Approval for Outside Securities Transactions
FINRA Rule 3270 requires brokers to provide prior written notice to their member firm about any proposed outside business activities. The key purpose of this rule is that it allows the firm to assess any potential conflicts of interest or risks to investors. If a broker intends to participate in private securities transactions—even if uncompensated—they must provide a detailed description to the firm. The firm then evaluates the transaction to ensure it aligns with regulatory standards and can either approve or disapprove the broker’s involvement. Failing to disclose such transactions can result in disciplinary actions against the broker.
Contact Our Florida Securities Law and Broker Fraud Attorney Today
At Carlson & Associates, P.A., our Florida investment fraud attorney is committed to helping investors secure justice and the maximum financial compensation. If you suffered losses due to selling away by your broker, we are here to help. Give us a call at our Miami office now or contact us directly online to arrange your strictly confidential, no obligation consultation.