Securities Lawyers Blog

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kim Monchik (Monchik), currently associated with Spartan Capital Securities, LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory, alleging that Monchik recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on November 08, 2024.

Monchik was named a respondent in a FINRA complaint alleging that, while acting as her member firm’s Chief Administrative Officer (CAO), she failed to timely respond to five requests made pursuant to Rule 8210 until after FINRA issued six follow-up requests and initiated five expedited proceedings to compel compliance. The complaint alleges that FINRA initially began investigating the firm’s sales of membership interests in unregistered private funds, an OBA of Monchik and the firm’s CEO. FINRA’s requests sought information and documents about the private funds and later sought information and documents relating to the firm’s net capital calculations. FINRA was required to exert a significant amount of regulatory pressure to obtain the information and documents that were important to its ongoing investigation into the firm’s and its registered representatives’ dealings with the private funds.