January 8. FINRA has imposed a lifetime ban on Trevor Michael Saliba (CRD#: 2692057), former chairman and majority owner of NMS Capital Advisors. He is no longer allowed to act as a broker or to associate with any broker-dealer firms.
Saliba is the former chairman and majority owner of Beverly Hills-based investment banking and brokerage firm NMS Capital Advisors. He stepped down as chairman on December 31, 2018, after a FINRA appeals panel upheld a 2017 ruling to bar Saliba. He appealed this decision in January 2018.
FINRA Restrictions Ignored
Due to the appeal, FINRA allowed Saliba to keep his license but placed interim restrictions on his actions. Saliba was not to practice as a broker or act in a principal or supervisory capacity. Saliba ignored these restrictions and continued to act as principal agent for NMS, causing the firm to violate the interim restrictions. His actions included signing numerous client agreements obligating the firm to provide investment banking services. He also hired a CEO and several other individuals to work for the firm and reviewed outside brokerage statements of NMS brokers.
In addition to his continued actions as a principal for his firm, he provided false testimony and information. FINRA National Adjudicatory Council (NAC) regulators who were investigating the appeal reportedly received documents falsified by Saliba.
According to a Los Angeles Business Journal article, Saliba could possibly appeal the FINRA decision by taking it up with the SEC. The SEC has the authority to override a ban by FINRA. He must file this appeal by February 11, at which time the decision becomes final.
Saliba has worked with 8 different firms in his 10 years as a registered broker. He was with NMS from 2012-2018.
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