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Broker dealer and former CEO named as ‘unfit to remain in securities industry’ by FINRA

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Photo: Getty Images

Martin Cloake

1 min read
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FINRA has expelled broker dealer NYPPEX, LLC and barred two former senior executives.

A failure to respond appropriately to FINRA requests for information has led to the expulsion of broker-dealer NYPPEX, LLC from membership and the barring of the firm’s former CEO, Laurence Allen, and CCO Michael Shunk.

A FINRA panel also found that NYPPEX and Allen took part in securities fraud.

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