Deutsche Bank rep fined $5,000 for role in outside medical marijuana business

Finra also suspends Mina Mishrikey for three months

Apr 13, 2018 @ 2:26 pm

By InvestmentNews

Finra has fined Mina Mishrikey $5,000 and suspended him for three months because he continued to participate in a medical marijuana business after his firm told him not to.

The Financial Industry Regulatory Authority Inc. said that in September 2016, Mr. Mishrikey sought approval from Deutsche Bank, his employer, to participate in a company that intended to submit a license to the Commonwealth of Pennsylvania to produce and sell medical marijuana pursuant to the state's medical marijuana law.

Although the firm denied his request, Mr. Mishrikey continued to work as a director of the company through July 2017, Finra said in its letter of acceptance, waiver and consent. He also failed to notify Deutsche Bank that he had continued to participate in the prohibited outside business activity and initially denied that he was doing so when his firm confronted him.

(More: Rogue brokers still pose a danger to investors)


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