Tonya Smoake (also known as Tonya Nicole Smoake) is facing allegations of participating in private securities transactions involving approximately $1.6 million in total sales between April 2017 and January 2019 without obtaining approval from his firm, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC), under review by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm and his colleagues are investigating conduct related to Tonya Nicole Smoake’s alleged participation in private securities transactions.
Investors who are concerned about their investment with Smoake may contact attorney Rosca or his colleagues for a free, no-obligation consultation and discussion of potential options, or to provide any useful information. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
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Tonya Smoake Suspended and Fined by FINRA
Between April 2017 and September 2017, Smoake allegedly facilitated approximately $850,000 in investments from four investors in Avestar Capital Partners, a registered investment advisor (RIA), raising capital through securities offerings, as stated in the AWC.
The AWC further alleges Smoake facilitated approximately $780,000 in investments from eight investors in the RIA’s holding company between September 2018 and January 2019, raising capital through a securities offering. In addition, Tonya Smoakes allegedly facilitated these investments by distributing offering documents, gathering signatures, answering questions, and coordinating payments from investors, as stated in the complaint.
Smoake allegedly did not receive any commission from the sale of the securities and none of the investors were customers of her firm. Furthermore, Smoake allegedly disclosed her role as Chief Operations Officer at the RIA to her firm but she allegedly did not provide written notice of her participation in the securities offerings.
In addition, her firm’s annual compliance questionnaire, Smoake allegedly inaccurately certified that she was not involved in any private securities transaction that had not been previously disclosed to the firm, as stated in the AWC.
As a result of Smoake’s alleged misconduct, she accepted a sanction including a 12-month suspension from associating with any FINRA member firm in all capacities and a $5,000 fine. The suspension will be in effect until April 4, 2022.
Tonya Smoake signed the AWC accepting and consenting to FINRA’s findings, without admitting or denying the findings, and solely for the purposes of the proceeding brought by or on behalf of FINRA, prior to a hearing and without an adjudication of any issue of law or fact.
Investors who are concerned they lost money with Smoake are encouraged to reach out to attorney Alan Rosca by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage for a free no-obligation consultation.
Smoake Was Registered with FINRA for 13 Years
As reported on Smoake’s FINRA Brokercheck page, she has been registered with FINRA since 2007 and switched employers three times. She was employed with Bhargava Capital located in Franklin Lakes, New Jersey from May 2019 until September 2020.
She was also employed with two firms located in New York, New York between 2007 and 2019, Purshe Kaplan Sterling Investments and Merril Lynch, Pierce, Fenner & Smith.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Investor Rights Attorneys May Be Able to Help
Investor rights attorney Alan Rosca and his colleagues at the Rosca Scarlato LLC law firm are investigating conduct related to Tonya Smoake’s alleged participation in private securities transactions involving $1.6 million in total sales.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients.
Concerned Smoake investors may contact attorney Alan Rosca or his colleagues for a free no-obligation consultation by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.