The Financial Industry Regulatory Authority announced today that it has barred Michael D. Shaw—formerly associated with VSR Financial Services Inc. of Baton Rouge—from the industry in connection with the sale of a private placement offered by DBSI Inc. and several additional private placements offered by other issuers. In addition, Shaw falsified customer account documents, FINRA says. Shaw is one of 10 individuals and eight firms sanctioned by FINRA for unrelated incidents in which they sold interests in private placement offerings without having a reasonable basis for recommending the securities. FINRA previously announced it had sanctioned two firms and seven individuals in April for the same offence. The firms and individuals neither admitted nor denied the charges, but consented to the entry of FINRA’s findings. FINRA is the largest non-governmental regulator for all securities firms doing business in the United States.
FINRA bars former B.R. broker-dealer from industry
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