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John Furkioti Sanctioned for Compliance Violation

John FurkiotiPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on June 14, 2016 indicate that former Michigan-based First American Securities broker John Furkioti has been sanctioned by FINRA. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Furkioti (CRD# 5005622).

John Furkioti has spent nine years in the securities industry and was most recently registered with First American Securities in Livonia, Michigan (2013-2016). Previous registrations include W.R. Rice Financial Services, which has since been expelled by FINRA, in Bay City, Michigan, and UBS Financial Services in Farmington Hills, Michigan. He is currently not registered with any state or firm.

According to his BrokerCheck report, John Furkioti has received one regulatory sanction and resigned from his position at First American Securities.

In May 2016 FINRA sanctioned John Furkioti following allegations that, as Chief Compliance Officer at First American Securities, he “approved the participation of a firm representative in a private offering as an outside business activity (OBA), rather than as a private securities transaction, which was contrary not only to NASD and FINRA Rules, but also to the Firm’s written supervisory procedures (WSPs).” FINRA’s complaint states that Mr. Furkioti approved the representative’s request “despite the obvious indications that the representative’s participation in the offering constituted outside securities activities for compensation,” and additionally “failed to adhere to the requirements of his firm’s WSPs in that he should have evaluated the OBA request to determine whether the activity should have more properly been considered outside securities activity.” He was issued a one-month suspension and a fine of $10,000.

In April 2016 John Furkioti voluntarily resigned from his position at First American Securities following allegations he violated FINRA rules.

If you have lost money investing with John Furkioti, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you recover money. By law you may have a limited time to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.