Former Largo, Florida stockbroker Nathan Katz (CRD# 846475) was the subject of a recent Financial Industry Regulatory Action sanction connected...Read More
FINRA Bars Jericho Rep Robert Nyilas: Suitability Allegations
Former Jericho, New York broker Robert Nyilas (CRD# 1030273) has been sanctioned by the Financial Industry Regulatory Authority over allegations he refused to cooperate with an investigation into his conduct. He was formerly registered as a broker with Lebenthal Financial Services in Jericho and Advisory Group Equity Services in Westport, Connecticut.
According to a Letter of Acceptance, Waiver and Consent (No. 2019063770601) dated September 14, 2021, Robert Nyilas was registered with Advisor Group Equity Services as a General Securities Representative from February 2017 until his voluntary resignation on December 4, 2020. FINRA later initiated an investigation into whether he “made unsuitable securities recommendations in two customer accounts.” As part of this investigation, FINRA sent him a request to provide documents and information—a request FINRA is empowered to make by FINRA Rule 8210, which also requires persons under its jurisdiction to comply with such requests. According to the AWC Letter, Robert Nyilas informed FINRA via counsel on September 2, 2021 that he would not produce the requested documents or information to FINRA “at any time.”
FINRA’s findings state that this refusal constituted a violation of FINRA Rule 8210 as well as FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor. As a result of these findings, FINRA barred Nyilas from associating with any FINRA member firm in any capacity.
According to the Financial Industry Regulatory Authority (FINRA), Robert Nyilas holds 39 years of experience in the securities industry and is not presently registered with any broker-dealer firm. His previous registrations include Lebenthal Financial Services (Jericho, New York; 2020-2021), Advisory Group Equity Services (Westort, Connecticut; 2017-2020), Source Capital Group (Westport; 2015-2017), Gilford Securities (New York, New York; 1998-2015), Gruntal & Company (New York; 1985-1998), Herzfeld & Stern (1984-1985), and EF Hutton & Company (1982-1984). He has passed three securities industry qualifying examinations: the Uniform Securities Agent State Law Examination (Series 63), the Securities Industry Essentials Examination (SIE), and the General Securities Representative Examination (Series 7). He presently holds no state licenses. (Information accessed on December 17, 2021.)