Former stockbroker Patrick Alan Deramus was charged with a DUI, but took eight months to report the felony to his now former employer, FSC Securities Corporation.
On March 12, 2010, FSC filed an amended Form U4 reporting Deramus’s felony charge and conviction. Immediately after, Deramus was subject to statutory disqualification based on the felony conviction and was permitted to resign.
He broke four different rules by not reporting his crime, and FINRA alleges he wilfully failed to disclose the felony charge.
Following Deramus’ AWC letter, FINRA imposed a $5,000 fine upon him and a 6-month suspension in all capacities with any FINRA regulated firm.