Career of Philip Michael Connors Ends with FINRA Sanctions
Background of Philip Michael Connors
Connors initially became a General Securities Representative (GS) registered with FINRA in January 2011 through his affiliation with a member firm. From January 2011 to August 2017, he maintained GS registration through various FINRA member firms.
Between August 2017 and August 2021, Connors was registered as a GS with Worden Capital Management LLC (CRD No. 148366). Subsequently, from July 2021 to April 2022, he held GS registration with Monmouth Capital Management LLC (CRD No. 290248).
Even though Connors is currently not registered or associated with any member firm, he is still under their jurisdiction according to Article V, Section 4 of FINRA’s Bylaws.
Allegations
Connors refused to appear for on-the-record testimony requested pursuant to FINRA.
Rule 8210. Therefore, Connors violated Rules FINRA 8210 and 2010.
On September 15, 2023, the authority invoked Rule 8210(a)(1), requiring Connors to provide information and testify regarding potential sales practice violations related to trading in customers’ accounts at Worden and Monmouth. The request specified an appearance date of October 19, 2023. Despite acknowledging receipt of the request, Connors, as confirmed in his counsel’s October 11, 2023 email, refused to comply with the on-the-record testimony requirement. This refusal constitutes a violation of Rules 8210 and 2010.
Connors, as the respondent, agrees to the following sanctions:
- A prohibition from associating with any member in any capacity.
It is understood that if barred or suspended, Connors will be subject to statutory disqualification as defined in FINRA’s By-Laws, incorporating the Securities Exchange Act of 1934. Consequently, during the period of the bar or suspension, Connors cannot be associated with any FINRA member, including clerical or ministerial roles, in accordance with Rules 8310 and 8311.
The effective date of the sanctions specified in this Acceptance, Waiver, and Consent (AWC) will be determined by FINRA. A bar or expulsion will take effect upon the approval or acceptance of this AWC.
Statement from the Report
Without confirming or denying the conclusions, Conners agreed to the penalty and the acceptance of findings that he declined to participate in on-the-record testimony requested by the authority. This was in relation to their investigation into, among other matters, his involvement in potential violations related to sales practices associated with the trading in certain customer accounts at the member firms he was associated with.
Key Points
- Career Background: Connors held GS registration with FINRA from 2011 to 2022 through various member firms.
- Recent Affiliation: He was associated with Worden Capital Management LLC (Aug 2017 – Aug 2021) and Monmouth Capital Management LLC (Jul 2021 – Apr 2022).
- Allegations and Violations: Connors violated Rules 8210 and 2010 by refusing on-the-record testimony regarding potential sales practice violations.
- Sanctions Agreed Upon: Accepts a ban from associating with any FINRA member; statutory disqualification applies during suspension.
- Acceptance of Findings: Connors, without confirming, agrees to penalties for refusing testimony in the investigation of potential sales practice violations.
Conclusion
Philip Michael Connors, a former General Securities Representative (GS) registered with FINRA, faced allegations of violating the rules by refusing on-the-record testimony related to potential sales practice violations. His career spanned from 2011 to 2022, with affiliations at various member firms, including Worden Capital Management LLC (Aug 2017 – Aug 2021) and Monmouth Capital Management LLC (Jul 2021 – Apr 2022).
On September 15, 2023, the regulatory authority invoked Rule 8210(a)(1), requesting Connors’ testimony regarding trading violations in customer accounts at Worden and Monmouth. Despite acknowledging the request, he refused to comply, leading to the acceptance of findings without confirming or denying conclusions.
In the agreed-upon sanctions, Connors accepted a prohibition from associating with any FINRA member. During suspension, statutory disqualification applies, barring association with any member in any capacity, as per the rules.
The report highlights Connors’ non-compliance with FINRA’s investigation, resulting in the acceptance of penalties and findings without admission of guilt. The conclusion underscores the serious consequences, including a ban and statutory disqualification, indicating a significant regulatory response to the alleged violations.