Two more former bank advisors got the boot from FINRA.
Kamran Daryush Nougzust, a former rep with Wells Fargo Advisors in Boynton Beach, Fla., was barred from the industry for allegedly improperly obtaining $99,500 from a bank trust account, according to a FINRA filing last week. He was employed with Wells Fargo Bank as a personal banker, the regulator said.
FINRA did not disclose details of Nougzust's purported misconduct. However, his BrokerCheck report indicated that he was discharged from Wells Fargo Bank in October of 2014 for accepting checks drawn on a bank customer's trust account held at another financial institution and depositing those checks into his own personal bank accounts. At the time the checks were written, the customer allegedly was no longer trustee of the trust, according to BrokerCheck.
Nougzust did not do much to defend himself against the allegations. He refused to cooperate with FINRA's investigation, declining to provide the documents and information the regulator requested, a factor that weighed on FINRA's decision to ban him, FINRA said.
Nougzust did not respond to an email sent to him via BrightScope Advisor Pages, an online directory for financial advisors, seeking comment. He could not otherwise be reached for comment. In his settlement with FINRA, however, Nougzust neither admitted nor denied the charges but consented to an entry of FINRA's findings.
Anthony Mattera, a spokesperson for Wells Fargo Advisors, declined to comment on the matter.
Second Rep Barred for Forging Notary's Signature, Seal
In addition, FINRA barred Darrell Wayne Mikulencak, a former rep registered with First Brokerage America, the brokerage arm of Clayton, Mo.-based bank hold company First Banks. According to FINRA, Mikulencak forged a notary public's signature and made unauthorized use of the notary's seal on documents associated with two brokerage customers' accounts.
According to FINRA, the two customers had possession of stock certificates that needed to be re-registered following the death of the previous certificate holders, a process that involved completing an "affidavit of domicile" regarding the state in which the deceased resided at the time of death.
On June 20, 2013, while working from a branch office in Owensville, Mo., Mikulencak allegedly forged the bank notary's signature and placed the notary's seal on the affidavit in an effort to help one of the customers re-register the stock certificates. A month later, he did the same for the other customer, this time forging the notary's signature and seal on an affidavit concerning the customer's durable power of attorney and misusing the notary's seal on the affidavit of domicile.
At no time, FINRA said, did Mikulencak obtain permission or have authority either to sign the notary's name or use the notary's seal on the documents. He was discharged from First Brokerage America in August of 2013 for the forgeries.
Milulnecak did not respond to an email sent to him via BrightScope Advisor Pages. He could not otherwise be reached for comment.
Mikulnecak's forgeries came within months of FINRA's sanctioning him for submitting falsified documents to Chase Investment Services Corp., where he had previously been employed. He purportedly arranged for four brokerage customers who had moved to states where he did not have a securities license to have Mikulnecak's branch office address in Chicago as their legal address, a move that allowed him to remain their broker of record.
Mikulnecak was dismissed from Chase for his behavior and subsequently suspended from the industry for 10 business days and fined $5,000 by FINRA.
Mikulencak refused to cooperate fully with FINRA's latest investigation. He failed to appear and testify at two on-the-record interviews and never responded to FINRA's complaint, which was sent to him twice, according to FINRA.
First Banks did not return telephone messages seeking comment on Mikulnecak's dismissal from the bank and expulsion from the industry.
Both Mikulencak and Nougzust were barred from the industry the first week in March. They joined Tricia Denise Willis, a former People's United Bank platform rep, who was also barred earlier that week.
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