The Financial Industry Regulatory Authority has charged former Sterne Agee Financial Services Inc. broker Dean Mustaphalli with allegedly running a $6 million hedge fund on the side and failing to inform the broker-dealer, Investment News reports.
According to the FINRA complaint, over a six-month period in 2011, Mustaphalli “formed and acted as managing director for a hedge fund through which he sold investments totaling approximately $6 million and received compensation for managing the hedge fund, all without providing prior written notice to or receiving written acknowledgement from his employer member firm regarding his role as managing director, his planned participation, or his expected compensation.”
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