FINRA

Respondent Shimko failed to pay $8,723.06 in arbitration fees assessed in FINRA Arbitration Case #18-00162.

Letter

Suspension

All Capacities

Indefinite

Continues until required payment is made or discharged.

12/7/2020

Pursuant to FINRA Rule 9553, Respondent Shimko's registration with FINRA is suspended on December 07, 2020 for failure to pay arbitration fees.

FINRA

Respondent Shimko failed to pay an industry arbitration award and failed to prove that he has a bona fide inability to pay the award.

Decision

Monetary Penalty other than Fines

$2,710.56

Suspension

All Capacities

Indefinite

Continues until the arbitration award has been paid in full, including the attorneys' fees Shimko was ordered to pay; (ii) Respondent and his former member firm have agreed to settle the matter (and he is in compliance with the settlement terms); or (iii) Respondent has a petition pending in a United States Bankruptcy Court

9/15/2020

Expedited Proceeding No. ARB200002: Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Shimko is suspended on September 15, 2020 for failure to pay an industry arbitration award and failure to prove that he has a bona fide inability to pay the award. This proceeding arises from the failure of Shimko to pay an arbitration award issued in a dispute between him and his former FINRA member firm. In response to a Notice of Suspension pursuant to FINRA Rule 9554 for failure to pay the award, Shimko asserted as a defense that he had a bona fide inability to pay the award. Shimko stayed the suspension by timely filing a request for hearing. Shimko had the burden to prove his inability to pay the arbitration award. He failed to meet his burden. Shimko is also required to pay the hearing costs of $2,710.56.

Expedited Proceeding No. ARB200002: Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Shimko is suspended on September 15, 2020 for failure to pay an industry arbitration award and failure to prove that he has a bona fide inability to pay the award. This proceeding arises from the failure of Shimko to pay an arbitration award issued in a dispute between him and his former FINRA member firm. In response to a Notice of Suspension pursuant to FINRA Rule 9554 for failure to pay the award, Shimko asserted as a defense that he had a bona fide inability to pay the award. Shimko stayed the suspension by timely filing a request for hearing. Shimko had the burden to prove his inability to pay the arbitration award. He failed to meet his burden. Shimko is also required to pay the hearing costs of $2,710.56.

Client verbally complained that the purchases made by the financial advisor were not in accordance with the client's Investment Objectives. (08/20/2013-02/28/2015)

$55,630.00