Sharon Kwan addresses FINRA
I want to address statements circulating that are untrue, misleading and, quite frankly, disheartening.
In 2017, FINRA, the agency governing the financial industry, temporarily suspended my securities brokerage license for a technical violation. I helped a close friend purchase a home and I didn’t think I needed to report it as it wasn’t an “investment” or “business activity” in my mind. FINRA viewed this as a business activity with a client that required reporting.
The activity was not prohibited, but FINRA determined I was supposed to have reported it. I was fined for it. I paid the fines and learned immensely from this experience.
As a woman business owner, I take great pride in helping people, especially other women, with their finances.
To those claiming I’m a “fraud” and “scammer,” I would like to assert that there was absolutely no fraud. If this was a fraud, I would have lost my license. Furthermore, my friend made money when we sold the house. She didn’t lose a penny.
It was an honest mistake on my behalf and I take full responsibility. In my 30-year career as a securities broker, this has happened only once. I regret not being more informed about the rules on reporting outside business activities, but I don’t regret helping a friend better their situation.
Thank you for taking the time to read this.
Sincerely,
Sharon Kwan