Roger Kumar Broker Violation Allegations
Roger Kumar, Formerly of PMK Securities, Suspended and Fined for Engaging in Unauthorized Business Activities
Roger Kumar was suspended and fined for engaging in unauthorized outside business activities, specifically running three unregistered entities that acted as broker-dealers which purchased IPO corporate bonds for an entity known as “Firm G”, according to a FINRA Letter of Acceptance, Waiver and Consent (AWC).
From approximately April 2008 through June 2012, Kumar’s Entities participated in nearly 3,000 bond transactions worth approximately $5.8 billion for Firm G, according to the AWC. It also notes that Firm G paid Kumar’s Entities approximately $4 million, $2 million of which went directly to Kumar.
Kumar’s Entities Received 50% of the Net Trading Profits from the Purchase and Sale of Corporate Bond IPOs
In April of 2008, Kumar, through the Entities, agreed to purchase securities primarily corporate bonds IPOs on behalf of Firm G. Kumar purchased these securities for Firm G through delivery-versus-payment brokerage accounts that were opened in the names of his Entities, with over 15 corporate bond dealers, according to the AWC.
Kumar’s Entities received 50% of the net trading profits generated from the purchase and subsequent sale of these securities, the AWC notes.
On October 29, 1996, while at PMK Securities, Kumar became a General Securities Representative. He maintained that registration with PMK Securities until May 15, 2014.
The Peiffer Wolf Investment Rights Attorneys Often Represent Investors
The Peiffer Wolf investment rights attorneys often represent investors who lose money as a result of investment misconduct. 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 investment misconduct may contact the investment rights attorneys at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.
Broker: Roger Kumar
Status: INVESTIGATED by Peiffer Wolf.
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