Between July 2020 and May 2024, D. Boral Capital conducted a securities business on 96 days while failing to maintain the firm’s minimum required net capital. As a result, the firm violated Securities Exchange Act Section 15(c)(3), Exchange Act Rule 15c3-1, and FINRA Rules 4110(b)(1) and 2010. From July 2020 through May 2024, the firm failed to establish and maintain written supervisory procedures reasonably designed to achieve compliance with net capital requirements.

The Department of Enforcement alleges: SUMMARY 1. Respondent Ali Chehab failed to respond to requests for information and documents that FINRA made pursuant to FINRA Rule 8210 as part of FINRA’s investigation into whether Chehab committed violations of FINRA rules and the federal securities laws including by: selling away; unauthorized trading; and making material misrepresentations to customers. As a result, Chehab violated FINRA Rules 8210 and 2010.

Between November 2021 and October 2022, while associated with WCS, Reddy participated in private securities transactions without providing prior notice to his firm. As a result, Reddy violated FINRA Rules 3280 and 2010. Reddy is suspended for 6 months from associating with any FINRA member in all capacities and fined $5,000.

In June 2022 and August 2023, Abrams drafted and provided letters to two customers— both of whom worked for a different FINRA member firm—which the customers provided to their employer and that incorrectly stated that those customers could not self-direct trades in their accounts at Wells Fargo. By making these negligent misrepresentations, Abrams violated FINRA Rule 2010. For this misconduct, he is suspended three months in all capacities and fined $5,000.