Paul DeMark Suspended by FINRA Following Alleged Falsification of Documents
Paul DeMark (CRD #: 1400019), a broker registered with Ameriprise Financial Services, has been suspended by FINRA, according to his BrokerCheck record, accessed on July 22, 2022. Read on if you have questions about his conduct as a broker.
FINRA Suspension
On June 28, 2022, Paul DeMark consented to the entry of findings that he allegedly submitted falsified documents while employed by Morgan Stanley.
A Letter of Acceptance, Waiver & Consent (AWC) alleges that, between January 2013 and July 2017, Paul DeMark submitted or led to the submission of 48 falsified disbursement forms to Morgan Stanley on behalf of one of his clients. The client in question was a trust, with a trustee authorized to act on its behalf.
Following the trustee’s death, Paul DeMark allegedly submitted 48 “Verbal Client Instructions Forms” wherein he falsified the name of the person authorizing the disbursement to be the deceased trustee or his son. These disbursements were allegedly authorized by the successor trustee instead.
The AWC concludes that Paul DeMark’s alleged falsifications constitute violations of FINRA Rules 2010 and 4511.
FINRA Rules 4511 and 2010
FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records.
Causing a firm to keep inaccurate records also violates FINRA Rule 2010, which requires brokers to uphold high standards of professional honor.
Sanctions
Paul DeMark consented to the following sanctions:
- $7,500 fine
- Two-month suspension
His suspension began on July 18, 2022, and will end on September 17, 2022.
You can read a copy of the AWC here.
Resignation from Morgan Stanley Smith Barney
On March 6, 2019, Paul DeMark was permitted to resign from Morgan Stanley following allegations concerning his compliance with procedures related to a deceased client’s account. He was also the subject of allegations concerning the liquidation of money market funds and the transfer of those funds to a client without receiving reconfirmation beforehand.
Background Information
Paul DeMark has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 3 – National Commodity Futures Examination
- Series 7 – General Securities Representative Examination
Paul DeMark is a registered broker in 15 states and a registered investment adviser in Michigan and Texas.
He has also worked for the following firms:
- Morgan Stanley (CRD#:149777)
- Morgan Stanley & Company (CRD#:8209)
- Morgan Stanley DW (CRD#:7556)
Kurta Law Can Help
If you worked with Paul DeMark 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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