Franklin Ihendu Ogele of Hillside, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) in which Ogele was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly failing to supervise in violation of NASD Rule 3010 and FINRA Rules 3110 and 2010.
In May 2004, Ogele joined BlackBook Capital, LLC. During the relevant period, he was registered as BlackBook’s Chief Executive officer and Chief Compliance Officer. The findings stated that Ogele was responsible for supervising a representative who was the top-producing broker in the firm’s branch. According to FINRA, Ogele failed to supervise the trading activities of the representative and instead permitted him to self-supervise his own activities. FINRA stated that the representative’s trading in the customer’s account incurred significant losses and a cost-to-equity ratio and turnover rate that should have resulted in an investigation by Ogele. Continue Reading