In April 2010, the Financial Industry Regulatory Authority (FINRA) barred Fair Haven, New Jersey stockbroker Maxwell Baldwin Smith from working for any FINRA-member brokerage firm in any capacity. Smith consented to disciplinary sanction and to the entry of findings that he received more than $10.7 million from customers to invest in health care facilities. FINRA found that the customers made their investment checks payable to, or otherwise transferred their funds to, a brokerage account that Smith controlled and that Smith failed to invest the funds on the customers’ behalf. Instead, Smith and stole approximately $8 million of the funds for his own use and benefit.
