Paul Blum, a former registered representative with RBC Capital Markets, LLC (RBC Capital), submitted a Letter of Acceptance, Waiver and Consent in which he was barred by the Financial Industry Regulatory Authority (FINRA) for failing to appear for on-the-record testimony which was requested amid an investigation into customer complaints and arbitration claims alleging unsuitable recommendations and excessive trading.
FINRA Rule 8210 requires registered representatives to appear for on-the-record testimony at any time. According to FINRA, Mr. Blum acknowledged that he received FINRA’s request for his testimony in conjunction with the investigation into customer complaints and arbitration claims, but he refused to appear. Mr. Blum’s BrokerCheck report notes that there are nine pending customer disputes and 11 settled disputes involving allegations of, among other things, unsuitable recommendations and excessive trading. Consequently, Paul Vincent Blum, of Jupiter, Florida, was barred from association with any FINRA member in any capacity. Continue reading →