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Noel Carino: FINRA Barred General Securities Advisor Over Alleged Outside Business Activities

A disciplinary action taken by the Financial Industry Regulatory Authority against former North Kansas City, Missouri broker and investment advisor Noel Carino (CRD# 3159932) barred him after finding he failed to cooperate with an investigation into allegations he participated in unapproved outside business activities. A former representative of General Securities Corporation, Carinowas barred from acting as a broker or otherwise associating with a broker-dealer firm.

According to a Letter of Acceptance, Waiver and Consent (No. 2018057737501) dated November 2018, FINRA launched an investigation in March 2018 into whether Noel Carino participated in undisclosed and unapproved outside business activities; whether he participated in undisclosed and unapproved private securities transactions; and whether he “reported all outside brokerage accounts in which he had an interest” to his member firm, General Securities Corporation. Accordingly, FINRA sent his counsel a request for documents and information on May 18, 2018; his counsel responded to the request by indicating that Noel Carino “was unwilling to provide bank account statements for entities related to his outside business activities,” purporting that such statements included “private information” concerning his family’s finances. His counsel went on to say that Carino’s wife “had not consented to the release” of information concerning open securities accounts under her ownership or control. He also allegedly “did not provide information regarding how he came to own a parcel of land” which he sold to a customer of his member firm, according to FINRA.

When the regulator sent his counsel a second letter requesting documents and information on September 21, 2018, Carino indicated through counsel on October 4, 2018 that he would not be providing such or cooperating with FINRA’s investigation. FINRA found that this refusal constituted violations of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from association with any FINRA member in any capacity.

Noel Carino is not currently registered as a broker or investment advisor. His employment history includes General Securities Corporation in North Kansas City, Missouri, Allstate Financial Services, and Morgan Stanley. He currently holds no state licenses and has passed five securities industry qualification examinations.

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