FINRA Fines Former Aegis Broker for Accepting Cash Gift from Client
The Financial Industry Regulatory Authority has suspended and fined former Aegis broker Michael Emile Lian for accepting an $8,000 gift from a client without approval from his broker-dealer.
The Financial Industry Regulatory Authority has suspended and fined former Aegis broker Michael Emile Lian for accepting an $8,000 gift from a client without approval from his broker-dealer.
According to FINRA, in 2017, Lian reportedly accepted the $8,000 gift as a form of gratitude for a recommendation he had made to the customer that resulted in a profitable investment.
Aegis’s written procedures prohibit registered representatives from accepting gifts from customers without approval, except for promotional items, lunches, or similar items of nominal value worth less than $100 annually. FINRA said, “Lian was aware of these procedures and acted intentionally to circumvent them.”
Additionally, in connection with its investigation into the circumstances of the gift, FINRA claims that Lian failed to timely respond to their requests for information and documents.
FINRA purportedly told Lian that he would be suspended on March 26, 2021 if he continued to ignore their requests. On March 16, 2021, ten days before the effective date of his suspension, he responded to the regulator.
Lian, who is not currently affiliated with a broker-dealer, was suspended for eight months and fined $10,000.
According to BrokerCheck, he entered the securities industry in 1995 and has been affiliated with around 15 firms, including National Securities Corporation, Newbridge Securities, and Great Eastern Securities.
