FINRA Suspends and Fines Former Schwab Broker for Failing to Disclose Felony Charges
The Financial Industry Regulatory Authority has sanctioned a former Charles Schwab broker for failing to disclose multiple felony charges against him as required by the regulator.
The Financial Industry Regulatory Authority has sanctioned a former Charles Schwab broker for failing to disclose multiple felony charges as required by the regulator.
According to FINRA, Brian Harold Young failed to disclose that he had been indicted for three felonies, including one count of aggravated assault and two counts of endangerment, by a Maricopa County, Arizona grand jury in January 2020.
Young, who reportedly received written notice of the indictment in March 2020, pled guilty to one of the felony charges in July 2021, rendering him statutorily disqualified from associating with a FINRA member firm.
Young, who spent 12 years at Schwab, was required to disclose the guilty plea within 10 days. Instead, he disclosed the felony conviction and the previous three felony charges when he resigned from Charles Schwab on July 26, 2021, four days after the deadline for disclosing the felony conviction and more than a year after the deadline for disclosing the felony charges.
FINRA said that “the felony charges and guilty plea were material facts that an employer or customer would want to know about a representative.” Additionally, the regulator alleged that Young falsely stated on two annual compliance questionnaires that he had not been charged with any felonies.
Without admitting or denying FINRA’s findings, Young consented to a six-month suspension and a $5,000 fine.
According to his BrokerCheck profile, prior to Schwab, Young spent a year at each ING Funds Distributor, Thrivent Investment Management, and Jefferson Pilot Securities.
