FINRA Suspends Broker Who Allowed Barred Father to Work With Clients FINRA claims that James Alan Schumaker allowed his father to continue working with clients, even after he was barred from the industry.
A former broker allowed his father who had permanently been barred from the securities industry to continue working with clients even after the son had become the official “broker of business” for those clients, according to the Financial Industry Regulatory Authority. FINRA has suspended the younger broker, James Alan Schumaker, for nine months.
Schumaker entered the securities industry in 2017 and was associated with Cambridge Investment Research at a branch office based out of Lafayette, Ind. He conducted his brokerage business through Schumaker Financial, according to a letter of acceptance, waiver and consent signed on Feb. 11.