William Fochi Subject of FINRA Fine and Suspension

William Fochi (CRD #: 1773450), a broker and investment advisor registered with Cantella & Co., is the subject of a FINRA suspension, according to his BrokerCheck record, accessed on December 7, 2021. This suspension stems from allegations related to undisclosed outside securities accounts.  

FINRA Fine 

According to Acceptance, Waiver, and Consent agreement dated August 27, 2021, William Fochi consented to the findings that between March 2012 and December 2019, while associated with Northwestern, he engaged in an outside business activity without disclosing or providing prior written notice to the firm, therefore violating FINRA Rules 3270 and 2010. 

William Fochi allegedly sold $3.9 million of equity-indexed annuities, even though equity-indexed annuities were not approved products offered by his firm. He allegedly sold these annuities to nine customers, at least eight of whom were Northwestern customers. The AWC alleges that the firm did not detect the sales because his wife was listed as the selling agent. William Fochi allegedly earned $3,000 in commissions and shared in the $350,000 to $400,000 commission earned through his wife’s sales.  

The allegations further state that between 2012 and 2019, William Fochi made inaccurate statements to Northwestern regarding his participation in outside business activities and sales of EIAs on eight annual firm compliance questionnaires. 

You can read a copy of the AWC here. 

FINRA Rules 3270 and 2010 

According to FINRA Rule 3270, all registered members must declare their outside accounts to their member firm and notify their member firm in writing when they intend to open any new account. 

A violation of FINRA Rule 3210 also constitutes a violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade.  

FINRA Suspension and Fine 

As part of the terms of the AWC, William Fochi consented to a four-month suspension and a $10,000 fine.  

William Fochi’s Other Outside Business Activities 

According to his detailed BrokerCheck report, William Fochi has eight outside business activities, including: 

• Insurance sales agent 
• Rental properties owner 
• Managing Member at Fochi Financial Services 
• Co-Trustee of 3 family trusts 
• Managing Member at 94 Main street Associates 
• Managing Member at Hebron NLT Holdings 
• Managing Member at Lake Road Associates 
• Managing Member at Six Fs Associates 

Background Information 

William Fochi 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 
• Series 6 – Investment Company Products/Variable Contracts Representative Examination 

He has also worked with the following firms:  

• Robert W. Baird & Co. Incorporated (CRD#:8158) 
• Northwest Mutual Investment Services (CRD #: 2881)  

Kurta Law Can Help 

If you worked with William Fochi and you have concerns about your investments, please 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.