A former broker for Osaic was penalized by the Financial Industry Regulatory Authority for violations involving submission of her personal bank account statements, reports Advisor Hub.
Kalomira Zangoulos, who joined Osaic broker-dealer Sagepoint Financial in 2015, was fined $5,000 and suspended for two months as a result of the matter.
According to FINRA, Osaic required Zangoulos to periodically submit personal bank statements after being hired, as part of the firm’s heightened supervision plan. The authority determined that in February 2016 she had altered those statements to remove certain transactions, including charges for insufficient funds and a cash withdrawal at a casino, without informing the firm that she had altered the statement.
Zangoulos was found to be in violation of FINRA Rule 2010, which requires members to observe high standards of commercial honor and just and equitable principles of trade. Without admitting or denying the allegations, Zangoulos consented to the sanctions and to the entry of findings.
Zangoulos came to Osaic from JPMorgan Chase & Co., which said she resigned during an internal review over whether she had structured cash deposits in her personal bank account to avoid federal reporting requirements. She and the firm agreed to a stipulated injunction which required her to abide by the terms of a one-year non-solicit clause in her employment contracts
AdvisorHub reported that neither Zangoulos’s lawyer nor a spokesperson for Osaic returned requests for comment.
The attorneys at Hyman Cotter PC include former senior attorneys at the SEC whose legal experience and industry knowledge make them uniquely qualified to provide counsel on securities regulatory, compliance and enforcement matters. Our attorneys fully understand the regulatory scrutiny financial professionals and their firms face from the various regulators that oversee the financial services industry. If your firm is facing an investigation from a regulatory agency, please contact Hyman Cotter PC at 312-291-4600 or through our online contact form.
