Kwasi Mensah Aggor of Coventry, Rhode Island submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for failing to appear for on-the-record and provide testimony in violation of FINRA Rules 8210 and 2010.
In 2008, Kwasi Mensah Aggor joined TD Ameritrade Inc. as a General Securities Representative. According to FINRA’s findings, a form U5 termination notice was received from TD Ameritrade, Inc. disclosing his termination due to Kwasi Mensah Aggor allegedly engaging in private security transactions with a customer through an outside business that was not disclosed to his firm. In February of 2020, FINRA enforcement sent Kwasi Mensah Aggor an appeal for him to appear and issue an on-the-record testimony in relation to the violation of FINRA Rule 8210. The FINRA findings stated Mr. Aggor acknowledged that he obtained the request but ultimately refused to appear and provide on-the-record testimony. In addition, Kwasi Mensah Aggor is no longer associated with any FINRA member firm, but remains under FINRA’s jurisdiction.
FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “require a person subject to FINRA’s jurisdiction to testify at a location specified by FINRA staff, under oath or affirmation with respect to any matter” concerting a FINRA investigation. FINRA Rule 8210(c) provides that “[n]o person shall fail to provide testimony pursuant to this Rule.” A failure to comply with a request for testimony pursuant to FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
Without admitting or denying FINRA’s findings, Kwasi Mensah Aggor was barred from association with any FINRA member in all capacities.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like TD Ameritrade which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your TD Ameritrade account due to misconduct by your broker? Was Kwasi Mensah Aggor your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against TD Ameritrade stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.