Lee Robert Sobel, formerly a broker with Equinox Securities, Inc., has been barred from the securities industry by FINRA for failing to appear and provide sworn testimony in an investigation into a private placement product he sold.
According to the FINRA Default Decision, Sobel sold interests in a private placement product called the Opportunity Drilling & Acquisition Fund, LLC (“ODAF”) from approximately April through August 2013. FINRA began investigating Equinox’s sales of ODAF, and the “investigation included an inquiry into whether Sobel violated NASD Rules, FINRA Rules, or the federal securities laws in connection with the offer and sale of interests in ODAF.”
FINRA served Sobel with a Notice of Complaint and the Complaint on July 20, 2015, and Sobel did not file an answer or respond. FINRA also served Sobel with written requests to appear and provide on-the-record testimony regarding the investigation. Sobel failed to appear, and FINRA initiated its disciplinary proceeding.
A review of Sobel’s FINRA BrokerCheck report states that Sobel was registered with Equinox from March-August 2013. Sobel has not been associated with a FINRA member firm since his registration with Equinox was terminated on August 16, 2013, according to the Default Decision.
The Default Decision, filed December 14, 2015, is No. 2014038991402.
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