Securities Lawyers Blog
The Financial Industry Regulatory Authority (FINRA) sanctioned and barred broker Gregg Beemer (Beemer) concerning allegations that Beemer engage in outside business activities including the sales of private securities. When outside business activities also include the recommendation of investments the activity is referred to in the industry as “selling away.”
FINRA Rule 8210 authorizes the regulator to require persons associated with a FINRA member to provide information with respect to any matter involved in the investigation. In December 2014, FINRA alleged that it pursued an investigation into allegations that Beemer engaged in undisclosed outside business activities. FINRA requested that Beemer appear and provide testimony. FINRA stated that Beemer emailed the regulator and stated that he would not provide information or cooperate in the investigation. Consequently, he was barred from the industry
According to Beemer’s brokercheck he has disclosed outside business activities including his insurance business called Associated Insurance Consultants, Inc. It is unclear at this time what organization or product that Beemer was involved with that FINRA was investigating.