Former NYLife Stockbroker David Q. Kendrick Suspended for Misconduct
David Quentin Kendrick of Shreveport, Louisiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in private transactions in violation of NASD Rule 3040 and FINRA Rules 3270, 3280 and 2010. From May 2002 until May 2018, David Quentin Kendrick was registered with NYLife as a General Securities Representative. According to FINRA from November 2011 through January 2017, Kendrick engaged in an outside business activity with an investment club and also engaged in 9 separate private securities transactions without notice or approval from his firm. The FINRA findings stated in November 2011, Kendrick became officer and manager of an investment club, TC, but did not disclose his participation to his firm until August 2015. FINRA also stated that NYlife denied approval, and Kendrick continued his business with TC. According to FINRA Kendrick recommended and facilitated investments totaling $290,000 in three private placements and personally invested $106,297 in six different private placements. In addition, FINRA found, Kendrick failed to disclose all of his personal investments away from his firm and made false statements on six annual compliance questionnaires and five branch audit questionnaires concerning his private securities transactions.
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