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Read MoreThomas Stappas: FINRA Bars Parsippany, New Jersey Financial Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Parsippany, New Jersey broker and investment advisor Thomas Stappas (CRD# 855198) barred him after finding he failed to provide information connected with its investigation into whether he engaged in outside business activities and recommended private securities transactions. A former representative of Summit Equities, Stappas was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2018059326201) dated September 2019, Thomas Stappas was registered with Summit Equities from 1993 util July 2018, when he was discharged over allegations he participated in and failed to disclose a private securities transaction. In May 2018, FINRA sent him a request to provide documents and information by June 7, 2019 in connection with its investigation into whether he participated in outside business activities and recommended firm customers participate in private transactions. FINRA’s findings state that “neither activity was disclose to his member firm,” and that he did not produce to FINRA the requested documents and information by the deadline of June 7, 2018. FINRA subsequently sent a second request on June 12, 2019 for Stappas to produce documents and information by June 26, 2019. He subsequently indicated to FINRA through counsel that he would not “at any time” produce the requested documents and information. FINRA found this refusal to constitute a violation of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member in any capacity.
Thomas Stappas is currently not registered as a broker or investment advisor. His employment history includes Summit Equities in Parsippany, New Jersey and Cigna Securities in Radnor, Pennsylvania. He currently holds zero state licenses and has passed four securities industry qualification examinations.
