FINRA Suspends Former Finalis Rep Over Reg BI, Private Fund Sale
The Financial Industry Regulatory Authority suspended Deyon Robertson, a former Finalis Securities LLC representative, for five months. FINRA found that he recommended a retail customer put more than 25% of her liquid net worth into an illiquid private fund, in violation of Regulation Best Interest.
FINRA also found that Robertson solicited three Finalis customers to invest in a house-flipping venture he created, without giving the firm prior written notice, a practice known as selling away. Robertson consented to the suspension, a $10,000 fine, and partial restitution of $2,400 plus interest without admitting or denying the findings. FINRA accepted the settlement Oct. 21.
In January 2024, Robertson recommended that a customer with about $175,000 in liquid net worth invest $48,000 in a private fund focused on residential real estate, according to FINRA. The fund invested in other funds, which bought equity interests in individual homeowners’ properties. It was the customer’s first investment in an alternative product.
The customer told Robertson she did not have enough liquid assets to make the fund’s minimum investment at once, FINRA found. Robertson instead recommended that she invest in three installments over several months as the money became available. The final purchase came in April 2024. Robertson earned $2,400 in commissions on the sales, equal to the restitution amount. The settlement does not prevent the customer from pursuing her own action to recover other losses.
The fund was not obligated to make distributions or repurchase interests. Investors could sell their interests to a third party only with the fund manager’s consent. The fund’s private placement memorandum said the interests “should be purchased only by investors who have no need for liquidity in their investment.”
About a year later, according to the AWC, the customer sought to withdraw part of her investment because of financial hardship but could not liquidate it, FINRA found.
FINRA determined that Robertson willfully violated Reg BI’s general best-interest obligation, a finding that subjects him to statutory disqualification.
Separately, in July 2024, Robertson solicited three Finalis customers to each invest $44,000 in a limited liability company he created to buy, renovate, and sell a residential property, according to FINRA. Robertson invested the same amount. The venture was not profitable. Robertson did not receive selling compensation. However, he never notified Finalis of the transaction, and he falsely attested on his 2024 annual compliance questionnaire that he had disclosed all private securities transactions, FINRA found.
The matter originated from FINRA’s 2024 cycle examination of Finalis. The settlement does not include findings against the firm.
Robertson first registered with FINRA in June 2022. He was registered through Finalis from May 2023 to October 2025 and is no longer associated with a FINRA member firm.
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