FINRA

Without admitting or denying the findings, Collins consented to the sanctions and to the entry of findings that he participated in private securities transactions totaling approximately $200,000 without providing prior notice to his member firm. The findings stated that Collins solicited individuals to invest in membership units of a limited liability company organized to operate a new restaurant in Chicago, Illinois. Although the firm had approved Collins and his father's own investment in the limited liability company, the firm prohibited Collins from soliciting any other investors. Despite this instruction, Collins participated in the sale of the membership interests by, among other things, introducing the investors to the business partners in the investment, discussing his own investments in the project with them, and attending networking events with the investors where the investment was discussed. Some of the investors were customers of Collins' firm. The restaurant opened and closed approximately nine months later. Collins also failed to disclose the participation on his annual compliance attestations. Prior to the events at issue here, the firm issued Collins a Letter of Education warning him that he could not participate in private securities transactions without authorization. The Letter of Education related to an instance where Collins forwarded to a firm customer an email relating to an outside investment in a separate restaurant.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$10,000.00

Suspension

All capacities

five months

11/18/2019

4/17/2020

Complaint alleges excessive fees were charged to client's accounts.

$18,538.00

Fees were charged pursuant to the firm schedule and reviewed internally. I was not provided a copy of the complaint nor asked to contribute to settlement.

ROBERT W. BAIRD & CO. INCORPORATED

Discharged

Introduced client to a private investment without Firm approval.