Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker, Maxim Beliakov (CRD # 5968432) was recently suspended from the securities industry by the FINRA Department of Enforcement for excessively and unsuitably trading (churning) a customer account.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Beliakov.
Registration Background for Maxim Beliakov
Mr. Beliakov first became registered in the securities industry in 2011. He was most recently registered with Red Bank, NJ based Garden State Securities, Inc. (CRD # 10083) from November 2019 to March 2021. His prior registrations include Woodstock Financial Group Inc. (CRD # 38095) from May 2013 to December 2019 and Chelsea Financial Services (CRD # 47770) from August 2011 to May 2013.
FINRA’s Allegations Against Maxim Beliakov
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated August 16, 2021, Mr. Beliakov consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between September 2017 and August 2018, [Mr.] Beliakov excessively and unsuitably traded one customer’s account”;
- “Between September 2017 and August 2018, while he was registered through Woodstock, [Mr.] Beliakov engaged in quantitatively unsuitable trading in the account of one customer (Customer 1), a 57 year old manager at a printing company whose only prior experience with securities was with mutual funds in his retirement account”;
- “[Mr.] Beliakov recommended frequent trading in Customer 1’s account, which resulted in an annualized cost-to-equity ratio of 221.56”;
- “This means that Customer 1’s investments had to grow by more than 221 percent to break even”;
- “The securities transactions recommended by [Mr.] Beliakov in Customer 1’s account were excessive and unsuitable given the customer’s investment profile”; and
- By virtue of his actions, Mr. Beliakov violated FINRA Rule 2111, regarding suitability and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Maxim Beliakov
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s August 16, 2021 AWC also indicates that Mr. Beliakov consented to the following sanction(s):
- A four-month suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $5,000.00.
Maxim Beliakov Has No Prior History of Securities Industry Customer Complaints
In addition to the August 16, 2021 AWC showing Maxim Beliakov being suspended from the securities industry by FINRA for excessively and unsuitably trading (churning) a customer account, FINRA BrokerCheck for Maxim Beliakov reveals he has no prior history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Maxim Beliakov and have concerns regarding losses in your investments or possible sales practice violations including fraud, churning or unsuitability, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.