Florida Financial Professional Barred By FINRA After Refusal To Cooperate With Investigation Into Misuse Of Funds
Earlier this fall, the Financial Industry Regulatory Authority (FINRA) announced that Maureen McKenna Fasanella (CRD #5580617), a previously associated person in Melbourne, Florida, has been barred from the securities industry (FINRA Case: #2019063531701). Ms. Fasanella was most recently associated with Cetera Advisors LLC.
The associate was barred from the securities industry after failing to cooperate with an investigation in allegations that she engaged in unapproved private securities transactions and misused funds. In this article, our Miami private placement securities attorney discusses the allegations raised against this formerly associated individual.
Barred Financial Professional: Maureen McKenna Fasanella Previously of Cetera Advisors
According to information provided by FINRA, Maureen McKenna Fasanella of Florida initially came into the securities industry in 2008. She was a non-registered fingerprint (NRF) person. Under FINRA rules, the definition of “associated person” is relatively broad. It includes most people who work at license brokerage firms in a position that would give them access to sensitive information. In 2014, Ms. Fasanella started working as an associate at Cetera Advisors LLC. FINRA states that her professional duties included everything from approving office expenditures to managing payroll to submitting certain types of compliance documentation.
In July of 2019, Cetera Advisors LLC filed official forms indicating that it terminated Ms. Fasanella from her position at a Florida branch office after allegations of wrongdoing. At the time, this individual was associated with another brokerage firm. Among other things, the allegations involved improper private securities transactions and misuse of funds. FINRA requested pertinent financial records and on-the-record testimony from this individual as part of the investigation into the allegations raised by the brokerage firm. Ms. Fasanella declined to cooperate with the FINRA inquiry.
All Registered Representatives and Associated Persons Must Cooperate With Investigations
Under securities industry regulations (FINRA Rule 8210), all registered representatives and associated persons are required to comply with official regulatory investigations. To be clear, this means that FINRA’s investigative rules apply to individuals who are lost licensed securities brokers. When requested, representatives and associated persons should provide records and testimony.
As Cetera Advisors associated person Maureen McKenna Fasanella knowingly declined to participate in the investigation, she was in violation of FINRA Rule 8210. Without admitting or denying any of the specific allegations raised against her, Ms. Fasanella consented to the findings and the penalties. She has been barred from associating with any FINRA member firm in any capacity.
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