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Written by 3:28 pm Current Investigations, Securities Fraud Articles

Mark Schklar Suspended from Securities Industry

Michael S. Lavolpe

Concerned about investment losses with Mark Schklar?

According to FINRA, Mark Schklar, has been fined $10,000 and suspended from the industry for eight months for selling private securities without his former firm’s authorization. FINRA alleges Schklar recommended and facilitated the sale of shares in a company that manufactured equipment used to grow marijuana, without BB & T Securities’ authorization.

These transactions took place from February 2013 to January 2015, while Schklar was associated with BB&T Securities in Richmond, VA, according to the Financial Industry Regulatory Authority Inc.

For FINRA’s full findings see FINRA case # 2015044509301.

According to FINRA’s BrokerCheck,  Schklar entered the securities industry in 1991. From January 2006 until January 2013 he was registered with Scott & Stringfellow, and until January 2015 with BB&T Securities. From January 2015 until May 2016, Mr. Schklar was associated with Ridgeway & Conger Inc. at its New Woodstock, N.Y. office location. Schklar has seven disclosure events listed on his BrokerReport including five customer disputes. Allegations include recommendations of highly speculative municipal bonds, fiduciary breach, negligence, unsuitability, misrepresentation, and fraud.

In its filing, FINRA also said that Mr. Schklar ultimately facilitated the sale of 8 million shares of the company to four investors for total proceeds of $285,250. In February 2014, Mr. Schklar also lent $80,000 to a BB&T customer without the firm’s permission.

Failure to Supervise

Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses.

The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.

Free Consultation

If you suffered losses investing with Mark Schklar, the attorneys at The White Law Group may be able to help you. For a free consultation, please call (888) 637-5510.

The foregoing information, which is all publicly available, is being provided by The White Law Group.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information, please visit our website, www.whitesecuritieslaw.com.


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