NEWS: Former Global Arena Supervisor Sanctioned by FINRA for Failing in his Supervisory Obligations
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.