In August 2013, FINRA announced that New York Registered Representative Edward Arthur Rademaker Jr. 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 six months. The fine must be paid either immediately upon Rademaker’s re-association with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier.

Without admitting or denying the findings, Rademaker consented to the described sanctions and to the entry of findings that he improperly borrowed money from an elderly, disabled customer at his member firm. The findings stated that Rademaker did not provide notice to, or receive permission from, his firm to borrow from the customer, and the firm’s Written Supervisory Procedures prohibited borrowing from customers. The customer orally complained to the firm about Rademaker and the outstanding money owed to her on the loan. After conducting an internal review into Rademaker’s activities, the firm discharged him.  It was unclear from FINRA’s announcement whether the customer initiated a FINRA arbitration or any other type of securities arbitration, or whether the customer was reimbursed for the $8,000 loan.  Mr. Rademaker was most recently registered with Chase Investment Services Corp.