Allstate Financial Broker Fined and Suspended for Soliciting Private Securities Investments
Mark Brian Quimby, a former registered representative with Allstate Financial Services, LLC (Allstate Financial), submitted a letter of acceptance, waiver, and consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he solicited two customers to invest in private securities transactions without the necessary firm approval. FINRA found that Mark Quimby, of Palm Harbor, Florida, recommended that two firm customers invest in TES, a security formed to invest in alternative investments and managed by Mr. Quimby’s wife. The two customers invested $20,000 and $39,725 in TES for which they received an equity interest and pro rata shares of any profits.
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