{"id":10578,"date":"2022-04-20T10:59:53","date_gmt":"2022-04-20T14:59:53","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=10578"},"modified":"2022-04-20T10:59:53","modified_gmt":"2022-04-20T14:59:53","slug":"stockbrokers-are-not-supposed-to-take-gifts-loans-or-cash-from-clients","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/stockbrokers-are-not-supposed-to-take-gifts-loans-or-cash-from-clients\/","title":{"rendered":"Stockbrokers Are Not Supposed To Take Gifts, Loans Or Cash From Clients"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-10205 size-full\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/10\/FiverrLossesSmall.jpg\" alt=\"Michael Lian (Michael Emile Lian CRD# 2639356) is a previously registered broker whose last known employer was National Securities Corporation (CRD#:7569) of Clearwater, FL. His previous employers include Aegis Capital Corp. (CRD#:15007), National Securities Corporation (CRD#:7569), and Newbridge Securities Corporation (CRD#:104065), all in Red Bank, NJ. He has been in the industry since 1995.  National Securities Corporation discharged Lian after discovering that he accepted a cash gift of $8,000 in 2017 from a client without notifying the firm or requesting permission before accepting. The gift was made while he was registered with Aegis, as a \u201cthank-you\u201d for a recommendation. Lian also circumvented Aegis\u2019 written policies to conceal the gift from the firm, which prohibited anything over $100. National discharged Lian on those grounds.  FINRA initiated an investigation and twice requested information from. After ignoring these requests, Lian finally supplied FINRA with the requested documentation. Lian was then suspended for 8 months and sanctioned with a $10,000 fine. He signed the Letter of Acceptance, Waiver &amp; Consent (AWC) and the suspension became effective on 12\/2\/2021, set to end 8\/6\/2022.  Lian has one additional disclosure, dated. 12\/12\/2012. A client dispute alleges that Lian \u201cmisrepresented a recommendation to purchase VHC.\u201d The client requested damages of $14,000 and the claim was settled for $6875. No additional information is available.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/10\/FiverrLossesSmall.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/10\/FiverrLossesSmall-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Michael Lian (Michael Emile Lian CRD# <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/2639356\" target=\"_blank\">2639356<\/a>) is a previously registered broker whose last known employer was National Securities Corporation (CRD#:7569) of Clearwater, FL. His previous employers include Aegis Capital Corp. (CRD#:15007), National Securities Corporation (CRD#:7569), and Newbridge Securities Corporation (CRD#:104065), all in Red Bank, NJ. He has been in the industry since 1995. <a href=\"https:\/\/www.silverlaw.com\/blog\/stockbrokers-are-not-supposed-to-take-gifts-loans-or-cash-from-clients\/#more-10578\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Michael Lian (Michael Emile Lian CRD# 2639356) is a previously registered broker whose last known employer was National Securities Corporation (CRD#:7569) of Clearwater, FL. His previous employers include Aegis Capital Corp. (CRD#:15007), National Securities Corporation (CRD#:7569), and Newbridge Securities Corporation (CRD#:104065), all in Red Bank, NJ. He has been in the industry since 1995. Continue [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[580],"tags":[],"class_list":["post-10578","post","type-post","status-publish","format-standard","hentry","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stockbrokers Not Supposed To Take Gifts, Loans, Or Cash From Clients<\/title>\n<meta name=\"description\" content=\"Michael Lian is a previously registered broker whose last known employer was National Securities Corporation (CRD#:7569) of Clearwater, FL.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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