Finra suspends broker who had assistant complete his coursework

Finra suspends broker who had assistant complete his coursework
MML Investors Services found that Danijel Velicki's assistant used his credentials to log in to firm's online learning system
DEC 05, 2018

The Financial Industry Regulation Authority Inc. has suspended a broker who instructed his assistant to complete his continuing education coursework in his place. Danijel Velicki, a broker employed with MML Investors Services in Virginia, was required to complete four firm element training modules by Oct. 27, 2017. Though Mr. Velicki was away in Washington State from Oct. 23 to Oct. 27, MML found that someone in Virginia used Mr. Velicki's exact credentials to log into the firm's online learning system on Oct. 25 to complete the coursework, according to the Finra letter of acceptance, waiver and consent. His credentials were never used to access the system from Washington during that day. (More: Finra suspends former UBS broker who traded excessively in elderly clients' accounts) MML submitted a U5, or termination notice, the following month, stating that it discharged Mr. Velicki for his actions. According to Finra, Mr. Velicki is not currently registered or associated with any Finra member firm, though he remains subject to its jurisdiction. Mr. Velicki started his career in the securities industry 15 years ago in Park Avenue Securities in Virginia Beach, according to his BrokerCheck profile. He started working at MML in 2007 until his termination last November. Mr. Velicki neither admits nor denies the charges, having submitted a letter of acceptance, waiver and consent. (More: Finra bars another broker who sold $10.8 million of Woodbridge Ponzi) Finra has suspended Mr. Velicki from any Finra member firm for three months, fined him $2,500, and has required that he complete 10 hours of continuing education within 60 days of reassociating with any Finra member firm.

Latest News

Am I stuck? Rethinking career mobility at every stage
Am I stuck? Rethinking career mobility at every stage

Why advisors at every stage may have more leverage, flexibility, and strategic options than they realize.

Advisor moves: $1B Stifel team joins Raymond James, Southern Ridge picks Osaic
Advisor moves: $1B Stifel team joins Raymond James, Southern Ridge picks Osaic

A California team with four decades of combined experience and a Kentucky father-son practice headline this week's advisor movement.

AI in wealth management: budgets surge but ROI remains elusive
AI in wealth management: budgets surge but ROI remains elusive

From generative AI on trading desks to personalized portfolio tools, financial firms are spending big on AI, but measuring returns is proving harder.

Arax acquires $3B RIA Transcend Capital in seventh deal of 2026
Arax acquires $3B RIA Transcend Capital in seventh deal of 2026

The fast-growing RIA aggregator adds Transcend Capital Advisors, a multi-state firm with more than 1,000 client relationships.

As layoffs commence, Commonwealth’s digital guru jumps ship
As layoffs commence, Commonwealth’s digital guru jumps ship

Christopher Blotto moved this month to Janney Montgomery Scott.

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