Ossama Helal Suspended by FINRA for Allegedly Engaging in Unapproved OBA
Ossama Helal (CRD #: 5282088), a broker formerly registered with The Huntington Investment Company, has been suspended by FINRA, according to his BrokerCheck record, accessed on October 21, 2022. Read on if you want to know more about his conduct as a broker, keep reading.
Suspension by FINRA
According to a Letter of Acceptance, Waiver & Consent (AWC), in June 2015, Ossama Helal allegedly sought his firm’s approval to engage in an outside business activity as a tax preparer. The firm allegedly denied him approval in July.
However, the AWC alleges that Ossama Helal went on to work as a tax preparer for the tax years 2015-2020, earning approximately $60,000 in total compensation.
Ossama Helal allegedly also made false statements to his firm regarding this outside business activity in quarterly compliance acknowledgements and annual compliance certifications filed between October 2015 and May 2021.
The AWC concludes that these allegations constitute violations of FINRA Rules 3270 and 2010.
FINRA Rules 3270 and 2010
FINRA Rule 3270 requires brokers to disclose any business activities they engage in outside their firm, as well as any compensation they may receive from these activities.
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Ossama Helal consented to the following sanctions:
- $5,000 fine
- 3-month suspension
His suspension began on September 6, 2022, and will end on December 5, 2022.
You can read the full AWC here.
Other business activities
Ossama Helals’ detailed BrokerCheck report currently lists the following outside business activities:
- Partner at SO Development, a construction company.
- Partner at Alextra LLC, a company providing goods transportation services.
Termination from The Huntington Investment Company
On June 18, 2021, Ossama Helal was fired from The Huntington Investment Company after allegedly accessing a client’s account without a business justification, in violation of the firm’s Code of Conduct and Ethics. An internal review allegedly also found that he engaged in an undisclosed outside business activity with H&R Block as a tax preparer.
Background Information
Ossama Helal 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
He previously worked for The Huntington Investment Company (CRD#:16986).
Kurta Law Can Help
If you worked with Ossama Helal and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want 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.
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