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Regulation and Compliance > Federal Regulation > FINRA

FINRA Bars Ex-Rep Ousted for Outside Business Activity

By Melanie Waddell

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The Financial Industry Regulatory Authority has barred a former rep with New York Life Securities.

According to FINRA’s order, Jeffrey Arthur Perryman was permitted to resign after NYLIFE found out he had charged fees to a customer for outside services that he failed to disclose to the firm. 

On May 9, NYLIFE filed a Uniform Termination Notice for Securities Industry Registration, Form U5, disclosing that Perryman was permitted to resign.

Although Perryman is no longer associated with a FINRA member firm, FINRA retains jurisdiction over him.

On Sept. 6, in connection with an investigation into Perryman’s potential undisclosed outside business activities, FINRA sent a request to Perryman for the production of information and documents pursuant to FINRA Rule 8210, according to FINRA’s order. 

As stated during Perryman’s counsel’s phone call with FINRA on Sept. 23, “and by this agreement, Perryman acknowledges that he received FINRA’s request and will not produce the information or documents as requested,” FINRA’s order states. 

By refusing to produce the information or documents requested pursuant to FINRA Rule 8210, Perryman violated FINRA Rules 8210 and 2010 and was barred from associating with any FINRA member in all capacities.

Melanie Waddell

@Think_MelanieW

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