SEC upholds FINRA’s decision to ban broker for alleged fraud

By Al Barbarino (June 23, 2022, 6:59 p.m. EDT) – The United States Securities and Exchange Commission on Thursday upheld a decision by the Financial Industry Regulatory Authority to ban a former registered representative after previously confirming allegations of fraud at against him.

Louis Ottimo, a former registered representative of ex-member firm EKN Financial Services Inc., applied for a FINRA bar review, but the board denied the appeal on the grounds that “numerous aggravating factors” support FINRA’s decision.

“For purposes of this appeal, Ottimo does not dispute the presence of certain aggravating factors identified by FINRA in the imposition of a ban, including that he acted intentionally or recklessly and that he [benefited] financially from his…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Comments are closed.