The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Peter Suyama from the securities industry for 20 days. Mr. Suyama consented to the suspension after FINRA alleged that in April 2019, while associated with LPL Financial LLC in McClean, Virginia, Mr. Suyama violated FINRA Rules 3280 and 2010 by participating in a private securities transaction involving the purchase of $50,000 in preferred shares of a biotechnology company without proving notice to or obtaining the firm’s approval for the transactions. Mr. Suyama is currently associated with MML Investors Services, LLC in Glen Allen, Virginia. Mr. Suyama was also associated with Ameriprise Financial Services from 2006 to 2017.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019064900501
Peter Bruce Suyama and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on June 10, 2021, after FINRA made the following allegations:
- In April 2019, while associated with LPL Financial LLC, Mr. Suyama purchased $50,000 of preferred shares of a biotechnology company directly from the company.
- Suyama did not make the investment through LPL Financial LLC, and the transaction occurred outside the scope of his employment with the firm.
- Prior to making the investment in these securities, Mr. Suyama did not provide the firm with a written notice regarding the investment or obtain the firm’s approval to make the investment.
- In June 2019, Mr. Suyama also falsely attested on an LPL annual compliance questionnaire that he had not participated in any private securities transactions despite the fact that he had invested in shares in the biotechnology company.
As a result, Mr. Suyama violated FINRA Rules 3280 and 2010.
Iorio Altamirano LLP
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.
If you have lost money with a stockbroker, contact securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at firstname.lastname@example.org, email@example.com or toll-free at (855) 430-4010 for a free and confidential review of your legal rights.