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FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site
NASD RULES 2110, 2330: KARAMIAN, WHILE ASSOCIATED WITH A MEMBER FIRM, CHANGED THE ADDRESS OF RECORD FOR THE BROKERAGE ACCOUNT OF ONE OF HIS CUSTOMERS WITHOUT THE KNOWLEDGE, AUTHORIZATION, AND CONSENT OF THE CUSTOMER. KARAMIAN SENT, VIA FACSIMILE, A LETTER OF AUTHORIZATION TO THE FIRM'S CASHIERING DEPARTMENT, REQUESTING A WIRE TRANSFER OF $281,768 FROM THE CUSTOMER'S BROKERAGE ACCOUNT AT THE FIRM TO A THIRD PARTY ESCROW ACCOUNT AT A BANK. KARAMIAN HAD THE CUSTOMER SIGN THE LETTER OF AUTHORIZATION FOR THE WITHDRAWAL OF THESE FUNDS, KNOWING THAT THE CUSTOMER HAD NOT READ THE LETTER AND DID NOT KNOWINGLY AUTHORIZE OR CONSENT TO THE REQUEST TO TRANSFER FUNDS OUT OF HIS ACCOUNT. KARAMIAN THEN CAUSED THE WIRE TRANSFER OF $281,768 FROM THE CUSTOMER'S ACCOUNT AT THE FIRM TO A THIRD PARTY ESCROW ACCOUNT AT A BANK WITHOUT THE CUSTOMER'S KNOWLEDGE, AUTHORIZATION, AND CONSENT. KARAMIAN, THROUGH A SERIES OF FINANCIAL TRANSACTIONS, CAUSED ABOUT $261,000 OF THE FUNDS TRANSFERRED TO BE DEPOSITED INTO A BANK ACCOUNT HE CONTROLLED AND THE CUSTOMER DID NOT AUTHORIZED THIS TRANSFER.
Resolution
Acceptance, Waiver & Consent(AWC)
Bar
Bar (Permanent)
Registration Capacities Affected
All Capacities
Start Date
7/8/2009
Regulator Statement
WITHOUT ADMITTING OR DENYING THE FINDINGS, KARAMIAN CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THEREFORE HE IS BARRED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY.
License(s)
The broker is not currently registered with any state or SRO.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.