Two former reps barred for Finra no-shows

Two former registered representatives — one who worked for Financial West Group and the other for RBC Capital Markets — have been barred from the securities industry for failing to appear before Finra, which was investigating their activities.

Victor Michel, who was with Financial West Group from 2014 until he was separated from the firm in February 2016, consented to a two-month suspension and a $7,500 fine in July 2016 for using an unapproved email address to communicate firm-related business with a customer and by settling away a customer complaint.

This past July, the Financial Industry Regulatory Authority Inc. began an examination into possible sales practice violations committed by Mr. Michel while he was registered with FWG. In August, his attorney wrote to Finra saying his client wouldn’t give testimony in the investigation, which prompted the suspension.

(More regulatory action: Former LPL broker loses $30 million claim against old firm)

Lisa J. Lowi, a rep with RBC Capital Markets from October 2009 to November 2015, when she voluntarily terminated her registration there, told Finra through her lawyers that she would not cooperate with the regulator’s investigation of her activities at the firm.

This past September, Finra requested on-the-record testimony from Ms. Lowi in connection with an investigation looking into customer complaints and arbitration claims alleging, among other things, unsuitable trading.

(More regulatory action: Morgan Stanley must pay Schwab $1.2 million over broker recruiting violation)

Neither Mr. Michel nor Ms. Lowi are currently associated with a Finra member firm.

Related Topics: Financial Industry Regulatory Authority