Malcolm Jamal Babin— Conversion of Non-Customer Funds, Undisclosed Outside Business Activity

Malcolm Jamal Babin Allegedly Converted Non-Firm Customer Funds and Took Part in Undisclosed Outside Business Activities While at PFS Investments

Malcolm Jamal Babin allegedly converted non-firm customer funds and engaged in undisclosed outside business activities while he was registered with PFS Investments, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).

Malcolm Jamal Babin first became registered with PFS in September 2007, was then voluntarily discharged from PFS at the end of 2008, and was not registered with a FINRA member firm from January 2009 through August 2009, according to the AWC. In September 2009, Babin re-joined PFS and became registered with the Firm in that same month, the AWC reports.

Malcolm Jamal Babin Barred by FINRA

On July 7, 2015, FINRA requested that Malcolm Jamal Babin provide documents and information following an investigation that Babin converted non-Firm customer funds and engaged in undisclosed outside business activities, according to the AWC.

By allegedly refusing to respond to FINRA’s request for documents and information as requested pursuant to FINRA Rules, Babin violated FINRA Rules, the AWC notes.

As a result of his alleged refusal, FINRA has barred Babin from associating with any FINRA member in any capacity, the AWC reports.

The Peiffer Rosca Wolf Investor Rights Lawyers Helping Investors

The Peiffer Rosca Wolf investor rights lawyers often represent investors who lose money as a result of non-firm customer fund conversion. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of non-firm customer fund conversion may contact the investor rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Malcolm Jamal Babin

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Alan Rosca (1159 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.