Finra slaps former BB&T broker for selling away pot-equipment stocks

Mark Schklar, formerly a broker with BB&T Securities, has been fined $10,000 and suspended from the industry for eight months for selling private securities without the firm’s authorization.

The so-called “selling away” involved Mr. Schklar recommending and facilitating the sale of shares in a company that manufactured equipment used to grow marijuana, said Finra in its letter of acceptance, waiver and consent.

These transactions took place from February 2013 to January 2015, while Mr. Schklar was associated with BB&T, according to the Financial Industry Regulatory Authority Inc.

Mr. Schklar entered the securities industry in 1991. From January 2006 until January 2013 he was associated with Scott & Stringfellow, and until January 2015 with BB&T Securities. From January 2015 until May 2016, Mr. Schklar was associated with Ridgeway & Conger Inc. at its New Woodstock, N.Y. office location.

In its filing, Finra also said that Mr. Schklar ultimately facilitated the sale of 8 million shares of the company to four investors for total proceeds of $285,250. In February 2014, Mr. Schklar also lent $80,000 to a BB&T customer without the firm’s permission, Finra said.