FINRA Bars New Jersey Stockbroker from Securities Industry

In April 2010, the Financial Industry Regulatory Authority (FINRA) barred Fair Haven, New Jersey stockbroker Maxwell Baldwin Smith from working for any FINRA-member brokerage firm in any capacity. Smith consented to disciplinary sanction and to the entry of findings that he received more than $10.7 million from customers to invest in health care facilities. FINRA found that the customers made their investment checks payable to, or otherwise transferred their funds to, a brokerage account that Smith controlled and that Smith failed to invest the funds on the customers' behalf. Instead, Smith and stole approximately $8 million of the funds for his own use and benefit.

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