FINRA Suspends Investment Banking Rep for Unregistered Private Placement Sales
The Financial Industry Regulatory Authority has suspended and fined Stephen Glover Parks, a former investment banking representative, for marketing private placement offerings to retail investors while lacking required securities registrations.
According to a letter of acceptance, waiver and consent, Parks engaged in these activities while associated with Skystone Securities LLC between August 2020 and December 2022.
Although Parks held an investment banking representative registration during his tenure at Skystone, he did not hold the general securities representative or private securities offerings representative registrations required to sell private placements to retail customers.
Despite these limitations, Parks acted as the firm’s primary selling agent for at least two private placement offerings, according to FINRA. His activities included soliciting retail customers about private offerings, conducting meetings with potential investors, helping investors complete required paperwork, and evaluating whether the investments were suitable for his clients.
The investigation, which originated from a regulatory tip, concluded that Parks violated FINRA Rules 1210 and 2010. While one of the offerings Parks marketed failed to meet its contingency and returned funds to investors, he received commissions for his selling activity in connection with a separate offering.
In December 2025, Skystone filed a uniform termination notice for securities industry registration (Form U5) reporting Parks’s voluntary termination of his registration with the firm.
As part of the settlement, Parks consented to a three-month suspension from associating with any FINRA member in all capacities and a $5,000 fine, payable upon reassociation with a member firm or prior to seeking relief from statutory disqualification.
Skystone Securities is an investment banking advisory for the middle market, headquartered in Dallas.
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