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 Wolf Carr & Kane Investor Rights Lawyers Helping Investors
The Peiffer Wolf Carr & Kane 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 Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.
Broker: Malcolm Jamal Babin
Status: INVESTIGATED by Peiffer Rosca.
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