Mike Lian is Subject of FINRA Fine and Suspension
Mike Lian (CRD #: 2639356), a broker formerly registered with National Securities Corporation, was suspended by FINRA, according to his BrokerCheck record, accessed on February 14, 2022.
Details regarding his suspension have been provided below:
FINRA Allegations
According to the findings, Mike Lian allegedly circumvented his member firm’s written procedures by taking steps to conceal an $8,000 cash gift from a customer even after being aware that the firm’s procedures prohibited registered representatives from accepting gifts from customers without firm approval.
Intentional circumvention of firm policies, especially policies designed to protect customers, is not consistent with the high standards of commercial honor and just and equitable principles of trade required by FINRA Rule 2010.
The findings also stated that Mike Lian allegedly failed to timely respond to FINRA’s requests for information and documents regarding the gift, among other things. FINRA Rule 8210 requires that registered brokers supply FINRA staff with all information and documents requested in the course of an investigation. A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010.
Sanctions
As part of the terms of the AWC, Mike Lian consented to
- An eight-month suspension
- A $10,000 fine
You can read the full copy of the AWC here.
Employment Termination Details
On September 24, 2020, Mike Lian was fired from his position at National Securities Corporation following allegations that he failed to disclose a gift from a client.
Background Information
Mike Lian has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Besides National Securities Corporation, Mike Lian has also worked with the following firms:
- Aegis Capital Corp. (CRD#:15007)
- Newbridge Securities Corporation (CRD#:104065)
- Laidlaw & Company (UK) (CRD#:119037)
- Great Eastern Securities (CRD#:2061)
- Indianapolis Securities (CRD#:10399)
- American Express Financial Advisors (CRD#:6363)
- IDS Life Insurance Company (CRD#:6321)
- Direct Brokerage (CRD#:24907)
- Weatherly Securities Corporation (CRD#:11081)
- Prime Charter Ltd. (CRD#:25668)
- Werbel-Roth Securities (CRD#:7636)
- First Metropolitan Securities (CRD#:7594)
- A.S. Goldmen & Co.(CRD#:23180)
Kurta Law Can Help
If you have been victimized after working with Mike Lian, don’t hesitate to contact 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.