FINRA Bars Paul Furusho for Allegedly Failing to Respond to FINRA Investigation
Paul Furusho (CRD #: 2165709), a broker formerly registered with APW Capital, was recently barred for allegedly failing to respond to FINRA requests for information, according to his BrokerCheck Record accessed on November 24, 2021.
The bar was initiated by FINRA on September 15, 2021. This bar stems from allegations that he refused to provide documents and information requested by FINRA in connection with its investigation based on allegations in APW Capital’s Form U5 for Paul Furusho, dated March 30, 2020.
The Form U5 reported that Paul Furusho had resigned from the APW Capital while under internal review based on the APW Capital’s discovery of a loan between himself and a client or the facilitation of a loan between a client to a friend. The firm also reported an undisclosed outside business activity.
By refusing to produce the documents and information requested pursuant to FINRA Rule 8210, Paul Furusho allegedly violated FINRA Rules 8210 and 2010.
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, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
You can read a copy of the AWC here.
FINRA Sanctions
As part of the terms of the AWC, Paul Furusho consented to a bar from associating with any FINRA member in all capacities.
Regulatory Disclosure
Paul Furusho was suspended on April 1, 2021, from associating with any FINRA member firm in all capacities.
FINRA Rule 9552 applies in situations where a brokerage firm or representative has failed to provide information or keep information current. FINRA Rule 9552 is a Notice of Suspension if corrective action is not taken. Paul Furusho’s suspension was lifted on July 14, 2021.
Employment Resignation Details
- On March 6, 2020, Paul Furusho was permitted to resign from his position at Tactivest following allegations that he had arranged a private loan between two individuals. The lender was allegedly a firm client. FINRA Rule 3240 prohibits registered individuals or firms from loaning or accepting loans from clients unless they meet firm-specific criteria.
- On March 2, 2020, Paul Furusho voluntarily resigned from his position at APW Capital following allegations that he failed to disclose as an outside business activity. FINRA Rule 3270 requires registered brokers to provide written notice to their firms regarding their outside business activities.
Outside Business Activities
Paul Furusho has two businesses listed in the Outside Business Activity of his detailed BrokerCheck report. This is where outside businesses that a broker discloses to their firm should appear.
- Walter K. Furusho Trust: Co-Trustee
- Life and Health Insurance Producer
Background Information
Paul Furusho has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Paul Furusho has also worked with the following firms:
- LPL Financial (CRD#:6413)
- Ameritas Investment (CRD#:14869)
- Brookstreet Securities Corporation (CRD#:14667)
- Citicorp Investment Services (CRD#:23988)
- CAL FED Investments (CRD#:19631)
- Invest Financial Corporation (CRD#:12984)
- Lehman Brothers (CRD#:7506)
Kurta Law Can Help
If you have been victimized by Paul Furusho 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.