Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christopher Chiampas (Chiampas), previously associated with Northwestern Mutual Investment Services, LLC, has at least one disclosable event. These events include one tax lien, alleging that Chiampas recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on January 16, 2025.
Without admitting or denying the findings, Chiampas consented to the sanctions and to the entry of findings that he willfully failed to disclose a customer complaint on his Form U4. The findings stated that Chiampas and a member of his immediate family, a senior for whom he held a power of attorney, opened a joint brokerage account at his member firm as co-account holders. Three months later, Chiampas wired $328,000 out of the account in connection with the purchase of real estate. Subsequently, the customer complained in writing to Chiampas stating that he had not authorized the transaction and demanding that the $328,000 be repaid. Chiampas did not forward the complaint to the firm, as required by its policies. Chiampas also failed to amend his Form U4 to disclose the complaint. The findings also stated that Chiampas settled the customer complaint away from his firm. Chiampas and the customer signed a settlement agreement pursuant to which Chiampas repaid the customer the withdrawn funds minus an agreed-upon setoff for certain expenses. The firm did not know of the complaint or approve Chiampas’ agreement to repay the customer. The firm’s policies prohibited Chiampas from settling the complaint independently.
