Kevin Hagan (CRD # 1557867) has submitted a letter of
Acceptance, Waiver, and Consent (AWC) for charges brought against him by the Financial Industry Regulatory Authority
(FINRA). Hagan was accused by FINRA of failing to perform his duties as
branch manager and supervisor for Global Arena.
According to FINRA, Global Arena opened a branch in 2013 to register five
brokers who has been discharged by another FINRA member firm. From January
2013 through April 2014, Hagan was assigned the role of supervisor and
branch manager for that office. FINRA alleged that Hagan failed to supervise
the five brokers at Global Arena, who were accused of misrepresenting
investments to their customers.
FINRA also alleged that Hagan knew he lacked the experience and training
necessary to reasonably supervise these brokers and never even read the
firm’s supervisory manual. FINRA states that Hagan took no steps
to discharge his supervisory obligations . The brokers in that office
under the watch of Hagan allegedly made material misrepresentations to
investors in connect with selling them junk bonds.
Hagan consented to the sanctions imposed by FINRA, including a bar from
associating with any FINRA member in a principal capacity. As of July
20, 2015, Global Arena is no longer a FINRA registered broker-dealer and
has ceased to do business.