According to a FINRA disciplinary action announcement, Richard Edward Holliday (CRD #2356026, Belton, South Carolina) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Holliday consented to the sanction and to the entry of findings that over a period of approximately three years, he borrowed $155,000 from customers. The findings stated that Holliday has not repaid the loans in full and did not disclose the loans to either of his member firms. During the period in which Holliday accepted the loans, both firms’ WSPs generally prohibited their representatives from borrowing funds from customers. The findings also stated that Holliday provided false information in response to the annual compliance questionnaires for his firms. When asked on firm compliance questionnaires from 2010 to 2013 whether he had borrowed funds from customers, Holliday falsely responded “no.”
For the full FINRA findings, see Case #2014040104501.
According to his FINRA Broker Report, Holliday was registered with The Investment Center from October 2012 through February 2014 and Spire Securities from October 2009 through October 2012.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
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