Finra bars owner of New Jersey broker-dealer

James Carrazza of Olympus Securities failed to report federal tax liens on his employment record and would not provide the regulator with requested information, according to Finra

Mar 20, 2017 @ 2:19 pm

By Bruce Kelly

Finra reached a settlement last Friday to bar the owner of a small broker-dealer in New Jersey for failing to respond to requests for information five months after it had filed a Wells Notice against him.

In October, the Financial Industry Regulatory Authority Inc. hit James Carrazza, the owner and president of Olympus Securities, with the Wells Notice, according to his profile on BrokerCheck. A Wells Notice is an indication of Finra's preliminary determination to recommend a disciplinary action against an individual. Mr. Carrazza was in violation of industry rules for his failure to report federal tax liens on his employment record and for failing to respond to Finra's request for information, according to BrokerCheck.

Last August and September, Finra sent three requests for documents to Mr. Carrazza, according to the Finra settlement, the findings of which Mr. Carrazza neither admits to nor denies. In October, he "acknowledged that he received Finra's requests and stated that he would not provide Finra with the requested documents," according to the settlement.

His firm, Olympus Securities, opened its doors in 2002 and was based in Montville, N.J. It closed at the start of this month, according to BrokerCheck.

Mr. Carrazza, who began his career in the securities industry in 1984, on Monday morning said he had no comment about being barred from the securities industry or the closing of Olympus Securities.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


The #MeToo movement and the financial advice industry

Attendees at the Women to Watch luncheon commend the #MeToo movement for raising awareness about the issue of sexual harassment and bringing women together.

Latest news & opinion

SEC forging ahead on fiduciary rule despite DOL rule decision in 5th Circuit

Chairman Jay Clayton says 'the sooner the better' when asked when an SEC fiduciary rule will be ready.

What the next market downturn means for small RIAs

Firms that have enjoyed AUM growth because of the runup in stocks may find it hard to adjust to declining revenues if the market suffers a major correction.

DOL fiduciary rule likely to live on despite appeals court loss

Future developments will hinge on whether the Labor Department continues the fight to remake the regulation its own way.

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

Groups on both sides of the fiduciary debate had plenty to say.

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

In split decision, judges say agency exceeded authority.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print