Darrell Wayne Mikulencak (CRD #2661351, Registered Representative, Washington, Missouri) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. See FINRA Case #2011026089701. Mikulencak was registered with Chase Investment Services Corp. (“Chase”) in Chicago from July 2005 to January 2011.
Without admitting or denying the findings, Mikulencak consented to the described sanctions and to the entry of findings that he submitted falsified documents to his member firm. The findings stated that Chase terminated him after learning that he had been receiving a customer’s account-related mailings at his office, which was contrary to the firm’s internal procedures. After Chase terminated Mikulencak, it discovered that he had arranged for other customers to use his branch office’s address in Chicago as their legal address for purposes of their accounts with the firm. Although all the customers had moved out of state, their accounts with the firm continued to show a legal address in Illinois.
The findings also stated that using the branch office’s legal address did not interfere with the customers’ receipt of account-related mailings. The legal address did determine what states’ licensure requirements applied to the registered representative servicing the account. Mikulencak did not have state securities licenses in any of the states to which the customers relocated. The findings also included that in order to remain the broker of record for the customers’ accounts, Mikulencak submitted account documentation to his firm that falsely showed his branch office address as each customer’s legal address. Mikulencak subsequently continued to service the accounts, despite not having the requisite state-level securities licenses. Mikulencak continued to service at least one of the accounts until his termination from Chase.
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