Securities Lawyers Blog
Our firm is investigating claims made by The Financial Industry Regulatory Authority (FINRA) against broker Mark Schklar (Schklar). According to brokercheck, FINRA made a preliminary determination to recommend that disciplinary action be brought against Schklar concerning potential violations including private securities transactions, borrowing from/lending to a customer, making false attestations on annual compliance questionnaires, and false statements to FINRA. In addition, Schklar has been subject to five customer complaints over his career.
At this time it is unclear the total scope and extent of these outside business activities and private transactions. The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”. Often times brokers who engage in this practice use outside businesses in order to market their securities.
Schklar entered the securities industry in 1991. From January 2006 until January 2013 Schklar was associated with Scott & Stringfellow, LLC. From November 2012 until January 2015 Schklar was associated with BB&T Securities, LLC. Finally, from January 2015 until May 2016 Schklar was associated with Ridgeway & Conger, Inc. out of the firm’s New Woodstock, New York office location.