Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Palmery Robert Desir, a/k/a Paul Desir (CRD # 5559016) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into excessive trading (churning).
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Desir.
Registration Background for Palmery Desir
Mr. Desir first became registered in the securities industry in 2008. He is currently registered with Huntington, NY based Richfield Orion International, Inc. (CRD # 24433). His prior registrations include Joseph Stone Capital L.L.C. (CRD # 159744) from August 2016 to July 2018, Rothschild Lieberman LLC (CRD # 10030) from September 2015 to August 2016 and Craig Scott Capital, LLC (CRD # 155924) from February 2012 to September 2015.
FINRA’s Allegations Against Palmery Desir
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated May 27, 2022 (No. 2020066911501), Mr. Desir consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between June 2018 and April 2019, while he was registered through Richfield Orion, [Mr.] Desir engaged in excessive and unsuitable trading in the account of one customer”;
- “During the relevant period, the customer’s account had an average equity of approximately $700,000; [Mr.] Desir recommended that the customer place 330 trades in his account with a total principal value of more than $3,860,000”;
- “The customer relied on [Mr.] Desir’s advice and accepted his recommendations”;
- “Collectively, [Mr.] Desir’s recommended trades caused the customer to pay over $134,900 in commissions and other trading costs”; and
- By virtue of his actions, Mr. Desir violated of FINRA Rule 2111 regarding suitability FINRA and Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Palmery Desir from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s May 27, 2022 AWC also indicates that Mr. Desir 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.
Palmery Desir Has A History of Securities Industry Customer Complaints
In addition to Palmery Desir (a/k/a Paul Desir) being suspended by FINRA from the securities industry regarding excessive trading (churning), FINRA BrokerCheck for Mr. Desir reveals that he has a history of customer complaints and/or customer-initiated arbitrations including but not necessarily limited to the following:
- On August 30, 2012 a customer-initiated complaint was filed against Mr. Desir regarding alleged actions that occurred while he was associated with Craig Scott Capital LLC. The customer’s allegations included failure to follow instructions to sell certain securities. The customer further alleged damages in the amount of $35,000.00. On December 18, 2012 the complaint was denied.
If you or someone you know has or had a brokerage account with Palmery Robert Desir (a/k/a Paul Desir) and have concerns regarding losses in your investments or possible sales practice violations including fraud, 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.