Ali Radfar of New York, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly participating in an undisclosed private securities transaction in violation of NASD Rule 3040 and FINRA Rule 2010. Radfar entered the securities industry in July 2006 and was associates with FINRA member firm UBS Securities, LLC (UBS) from August 2012 through March 2015.
From August through October 2014, Mr. Radfar, with the help of another UBS member, participated in an undisclosed private securities transaction. FINRA alleged Mr. Radfar and the other firm member pooled personal funds with those of 12 other individuals whose investment they solicited. FINRA found a collective total of $300,000 was invested in SMS, an application-based game company. This investment, a private securities transaction, was made through two outside investment vehicles that were also formed by Mr. Radfar and the UBS representative.