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Doli Kumar Suspended for Allegedly Misrepresenting Personal Information

Dec 15, 2021 FINRA Suspension

Doli Kumar (CRD #: 6586313), a broker formerly registered with Key Investment Services, consented to a two-month FINRA suspension together with a $2,500 fine according to her BrokerCheck Record, accessed on November 23, 2021.   

FINRA Suspension

This suspension stems from allegations that she misrepresented her personal information while applying for a loan, in violation of FINRA rule 2010.  

According to an Acceptance, Waiver, and Consent agreement dated October 20, 2021, Doli Kumar consented to the findings that in June 2020, she made negligent misrepresentations while applying for an Economic Injury Disaster Loan from the U.S Small Business Administration (SBA). This matter originated from FINRA's investigation concerning the Form U5 filed by her former member firm, Key Investment Services.   

According to the allegations, In June 2020, Doli Kumar submitted an application to the SBA for an Economic Injury Disaster Loan, but she did not review the loan program requirements to determine her eligibility prior to submitting her application. 

In her application to the SBA, Doli Kumar allegedly misrepresented that she was the owner of a real estate business and the business had earned revenues. According to FINRA, she had not disclosed any other outside business activities and did not operate any business eligible for a small business loan from the SBA.  The AWC further alleges that SBA, based on her misrepresentations, separately granted her a $1,000 Economic Injury Disaster Loan advance.   

After the SBA approved her loan application, Doli Kumar, for the first time, allegedly read the Loan program requirements and determined that she was not eligible for the program. She then allegedly withdrew her application and did not sign the approved $20,000 loan agreement. She has also reportedly not repaid the $1,000 back to the SBA. As a result, she violated FINRA Rule 2010, which requires all registered members to observe high standards of commercial honor and just principles in their business dealings. 

You can read a copy of the AWC here. 

As part of the terms of the AWC, Doli Kumar consented to a two-month suspension and a $2,500 fine.  Her suspension ends on December 31, 2021. 

Employment Termination Details 

  1. On November 13, 2020, Doli Kumar was fired from her position at Key Investment Services following allegations that she misrepresented personal information during a loan application process from the U.S. Small Business Administration (SBA). 
  1. On April 27, 2017, Doli Kumar was fired from her position at Citizen Bank for allegedly violating company rules.  

Background Information 

Doli Kumar has passed the following exams: 

  • Series 63 - Uniform Securities Agent State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination 

 Doli Kumar has worked with the following firms:

  • Key Investment Services (CRD#:136300) 
  • Citizens Securities (CRD#:39550) 

Kurta Law Can Help  

If you have been victimized by Doli Kumar as a broker, don't hesitate to get in touch with us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.  

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.