John Christopher Oldham, Gold Canyon, AZ Suspended for 3 months from FINRA
In June 2017, John Christopher Oldham (CRD No. 4621277), a Registered Investment Company Products/Variable Contracts Representative, from Gold Canyon Arizona, was “assessed a deferred fine of $5,000 and suspended from asso
ciation with any FINRA member in all capacities for three months.” (www.finra.org, June 2017).
John Christopher Oldham entered the securities industry in January 2003 and became a general securities representative in April 2004. Oldham was registered with FINRA through NPB Financial Group, LLC (NPB) from May 2014 through September 2015 and another member firm until October 2016.
As part of a referral arrangement, John Christopher Oldham sold publicly registered non-traded REIT’s and other alternative investments to approximately 50 customers of an unregistered Investment Advisor (IA). Oldham and the customers referred to him executed subscription agreements in which Oldham expressly warranted that he was the financial advisor who had advised each of the IA’s customers, when this was not always the case. Oldham then passed the majority of the commissions earned to the IA. The investment sales totaled more than $4.8 Million dollars with the IA receiving commissions of approximately $240,000. Not only was the arrangement against NASD and FINRA Rules, but it led to NPB maintaining inaccurate books and records.
John Christopher Oldham’s suspension resulted from violating NASD’s Rule 2420 and FINRA Rule 2010 which prohibit member firms from sharing commissions with any unregistered entity. While he did not admit or deny the findings, Oldham did submit and Acceptance Waiver and Consent (AWC) for the purpose of proposing a settlement. His suspension took place from April 3, 2017 through July 2, 2017. Prior to this event, John Christopher Oldham had no prior disciplinary history.
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The information above was obtained via FINRA’s website. It is for informational purposes only and is not legal advice. It is provided only as general information which may or may not reflect the most recent developments. Check FINRA’s website for the most current information.
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Financial Industry Regulatory Authority, Inc. (FINRA) is an independent, non-governmental regulator who oversees the people and firms that sell stocks, bonds, mutual funds and other securities to the public in the United States. They are authorized by Congress to protect investors. They do this by making sure the securities industry operates fairly and honestly with the public.