Finra bars former Independent Financial Group broker for failing to disclose trading accounts

Finra bars former Independent Financial Group broker for failing to disclose trading accounts
Brian James Egan agreed to be barred from the brokerage industry.
AUG 10, 2016
Brian James Egan was barred from the brokerage industry after failing to disclose trading accounts he held beyond his employer, Independent Financial Group, according to the Financial Industry Regulatory Authority Inc. Mr. Egan didn't disclose 87 brokerage accounts he had with another firm from April 2010 to July 2015, according to a settlement notice accepted Tuesday by Finra's department of enforcement. Mr. Egan held trading authority over the accounts, which belonged to him, his family and customers of his accounting and tax preparation practice, according to the document. He transferred funds and securities from certain customer accounts to his own, Finra alleged. In settling the matter, Mr. Egan agreed to be barred without admitting or denying Finra's findings. When reached by a reporter, he declined to comment on the industry ban or name the firm where he held the brokerage accounts. Mr. Egan was registered with Independent Financial Group in Laguna Niguel, Calif., from April 2010 to July 2015, according to Finra's BrokerCheck. He was discharged July 28, 2015 for allegedly failing to disclose the brokerage accounts he held away from the firm, in violation of its policy. Mr. Egan made misrepresentations in compliance forms he submitted to Independent Financial Group, according to Finra. He also failed to respond to many of Finra's requests for information, while falsely stating that he didn't maintain trading authority over accounts at the other firm, according to the settlement notice. Cici Prsha, a spokeswoman for Independent Financial Group, didn't immediately return a phone call seeking comment. Mr. Egan had previously worked at AFA Financial Group in Calabasas, Calif., from December 2004 to April 2010, according BrokerCheck. He was registered with H.D. Vest Investment Services in Irving, Texas, from September 2002 until he was hired by AFA Financial.

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