Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker, Robert Nyilas (CRD # 1030273) was recently barred from the securities industry by the FINRA Department of Enforcement after refusing to cooperate with an investigation regarding the suitability of recommendations in two customers’ accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Nyilas.
Registration Background for Robert Nyilas
Mr. Nyilas first became registered in the securities industry in 1982. He most recently was registered with Jericho, NY based Lebenthal Financial Services, Inc. (CRD # 137988) from December 2020 to September 2021. His previous registrations include Advisory Group Equity Services LTD. (CRD # 15427) from February 2017 to December 2020 and Source Capital Group, Inc. (CRD # 36719) from August 2015 to February 2017.
FINRA’s Allegations Against Robert Nyilas
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated September 14, 2021, Mr. Nyilas consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On September 2, 2021, FINRA requested pursuant to Rule 8210, that [Mr. Nyilas] provide documents and information in connection with FINRA’s investigation into whether [Mr.] Nyilas made unsuitable securities recommendations in two customer accounts”;
- “As stated during his counsel’s telephone call with FINRA on September 2, 2021, and by this agreement, [Mr.] Nyilas acknowledges that he received FINRA’s request and will not produce the information or documents requested at any time”; and
- By virtue of his actions, Mr. Nyilas violated FINRA Rule 8210, regarding cooperating in investigations and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Robert Nyilas For Refusing to Cooperate In Suitability Investigation
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s June 4, 2021 AWC also indicates that Mr. Nyilas consented to the following sanction(s):
- A bar from association with any FINRA member in all capacities.
Robert Nyilas Has No History of Securities Industry Customer Complaints
In addition to the September 14, 2021 AWC showing Robert Nyilas being barred from the securities industry for refusing to cooperate in a FINRA investigation regarding suitability, FINRA BrokerCheck for Mr. Nyilas reveals he has no history of customer complaints and/or customer-initiated arbitrations.
If you or someone you know has or had a brokerage account with Robert Nyilas 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.
