Securities Arbitration Lawyer Blog
FINRA has barred former Advisory Group Equity Services broker Robert Nyilas from the securities industry. Mr. Nyilas consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with its investigation into whether he made unsuitable securities recommendations in customer accounts.
If you have suffered investment losses with Robert Nyilas, or Advisory Group Equity Services, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019063770601
Robert Nyilas and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on September 14, 2021, after FINRA alleged that Mr. Nyilas failed to provide information and documents that were requested pursuant to FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010.
FINRA indicated that the matter originated from a routine examination of Advisory Group Equity Services.
FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require a person subject to its jurisdiction “to provide information orally, in writing, or electronically … with respect to any matter involved in [a FINRA] investigation [or] examination.” FINRA Rule 8210(c) further states that “[n]o … person shall fail to provide information … pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
On September 2, 2021, FINRA requested, pursuant to FINRA 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. On the same day, Mr. Nyilas stated through counsel that he would not produce the information or documents requested at any time.
By refusing to produce the information or documents as requested pursuant to FINRA Rule 8210, Mr. Nyilas violated FINRA Rules 8210 and 2010. Accordingly, he has been barred from associating with any FINRA member firm in any capacity.
Robert Nyilas (CRD#: 1030273)
Mr. Nyilas first became registered with FINRA in 1982. Mr. Nyilas was registered as a General Securities Representative through an association with Advisory Group Equity Services Ltd. (CRD No. 15427) from February 7, 2017, until December 4, 2020, when he voluntarily resigned from the firm.
Mr. Nyilas was subsequently registered as a General Securities Representative through an association with Lebenthal Financial Services, Inc. in Jericho, NY from, December 4, 2020, to September 2, 2021.
Mr. Nyilas is not currently registered or associated with a FINRA member. However, he remains subject to FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s By-Laws.
How to Recover Losses or Obtain a Free Consultation
If you have suffered investment losses with Robert Nyilas, or Advisory Group Equity Services, contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.