November 19, 2020
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) to resolve allegations of securities industry rules violations against former general securities representative Gabriel Hynes.
According to his FINRA BrokerCheck report, Hynes was associated with two FINRA member firms within the past ten years. Hynes was associated with NYLife Securities LLC from January 2001 to June 2017 when he was permitted to resign after the firm became aware that he “violated company policy by failing to disclose: (a) multiple outside business activities and private securities transactions; (b) a brokerage account with an outside broker-dealer; (c) a federal tax lien. After conducting an investigation, FINRA approved an AWC in which Hynes consented to a three-month suspension and $10,000 in civil and administrative penalties. By signing this AWC, he also consented to the entry of findings that he purchased $90,000 in securities issued by privately-held companies, activity which required him to provide written notice to NYLife before participating in them. Hynes did not provide written notice to NYLife and failed to communicate that he had opened an account at another FINRA member firm, thus violating FINRA Rules.
Hynes then became associated with Kestra Investment Services in St. Augustine, Florida from February 2018 to March 2018. FINRA Department of Enforcement began investigating Hynes for his involvement in the sale of Future Income Payments, LLC’s structured cash flow investments comprised of pension streams. On December 16, 2019, FINRA staff sent Hynes a request for on-the-record testimony in regards to the investigation. In an email from his counsel, Hynes acknowledged that he received FINRA’s request and will not appear for on-the-record testimony at any time.
By refusing to appear for on-the-record testimony, Hynes violated FINRA Rules 8210 and 2010. Without admitting or denying the allegations made against him by FINRA, Hynes consented to a bar from associating with any FINRA member firm in any capacity.
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