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

Mark Schklar fined $10,000 for selling private securities without prior notice.
MAR 09, 2017

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.

Latest News

Vistria takes majority stake in Curi Capital in fresh RIA deal
Vistria takes majority stake in Curi Capital in fresh RIA deal

Chicago-based Curi Capital gets new majority owner as $14 billion RIA eyes acquisitions and expanded family office services

WealthReach, VastAdvisor tie-up takes aim at advisors' cold outreach problem
WealthReach, VastAdvisor tie-up takes aim at advisors' cold outreach problem

Partnership pairs organic lead detection with paid ad targeting to help end "spray-and-pray" marketing for growth-seeking advisory firms.

LPL taps Wells Fargo vet as new chief technology and information officer
LPL taps Wells Fargo vet as new chief technology and information officer

Jonathan Lewis joins the wealth management giant as it proceeds with a $2 billion AI and technology push for advisors.

LPL Financial lands $1.6B Conte Wealth Advisors from Cambridge
LPL Financial lands $1.6B Conte Wealth Advisors from Cambridge

A third-generation Pennsylvania firm with 24 advisors and $1.6 billion in client assets has left Cambridge Investment Research.

Confluence Financial Partners secures minority stake from PE firm
Confluence Financial Partners secures minority stake from PE firm

Fast-growing $7.6 billion Pittsburgh-based RIA secures growth capital but retains full management control.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income