On December 15, 2017 FINRA issued its Extended Hearing Panel Decision in its Disciplinary Action No. 2013037522501. This Action was commenced on March 24, 2016 against Trevor Saliba of FINRA-member firm NMS Capital Securities LLC, and several other of the firm’s representatives. NMS has been active in the EB-5 industry, offering broker-dealer and investment adviser services, although these disciplinary proceedings are administratively- rather than EB-5 industry-focused. Saliba, and three other NMS officers, are each barred from future association with any FINRA member firm in any capacity, and effectively from any further activities in the securities industry. This terminating sanction has been imposed for: providing false and incomplete information, giving false testimony, providing falsified records, and maintaining inaccurate books and records, all while accepting no responsibility for their actions; their actions were intentional; and their actions were intended to mislead FINRA examiners; the FINRA reviewing panel found no mitigating circumstances. No monetary sanctions were imposed, beyond costs, due to the judgment imposing the bars. If the decision becomes FINRA’s final disciplinary action, the bars will take immediate effect.
See https://www.finra.org/industry/disciplinary-actions/finra-disciplinary-actions-online?search=2013037522501
By Michael G. Homeier