Sarah Pais (CRD #: 5182838), a broker affiliated with LPL Financial, is currently under investigation by the Securities and Exchange Commission (SEC). This disclosure is available on her BrokerCheck record, as of September 5, 2023. The investigation pertains to the following matters:
SEC Investigation: On June 5, 2023, the Securities and Exchange Commission (SEC) initiated an investigation into Sarah Pais. The SEC alleges that she may have been involved in aiding and abetting misrepresentations, engaging in fraudulent business practices, and failing to maintain proper books and records. Additionally, the SEC has raised concerns about a potential failure to adequately supervise certain activities.
Relevant FINRA Rules:
- FINRA Rule 2010: This rule establishes stringent standards for brokers, emphasizing principles of commercial integrity and equitable trade practices. Engaging in fraudulent business practices would be a direct violation of this rule.
- FINRA Rule 2020: This rule specifically addresses the use of manipulative tactics, deception, and fraudulent methods to influence investors’ decisions. Misrepresenting or withholding essential information, such as the potential risks or returns of an investment, is strictly prohibited under this rule.
- FINRA Rule 4511: This rule mandates that brokerage firms maintain accurate and up-to-date books and records. Any discrepancies or failures to do so may lead to regulatory violations.
- FINRA Rule 3110: Under this rule, brokerage firms are required to establish robust supervisory systems to ensure compliance with securities regulations. It is essential that supervisory personnel possess the necessary training and expertise for their roles.
Sarah Pais holds various securities licenses, indicating her proficiency in the industry:
- Series 66 Uniform Combined State Law Examination
- Series 52TO Municipal Securities Representative Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
- Series 53 Municipal Securities Principal Examination
- Series 4 Registered Options Principal Examination
- Series 51 Municipal Fund Securities Principal Examination
- Series 24 General Securities Principal Examination
She is registered as a broker in 48 states, the Virgin Islands, and the District of Columbia. Additionally, she serves as a registered investment adviser in the state of Texas.
Throughout her career, Sarah Pais has been associated with several financial firms, including:
- LPL Financial (CRD #: 6413)
- Advisor Resource Council (CRD #: 164109)
- RBC Capital Markets (CRD #: 31194)
- Ameriprise Financial Services (CRD #: 6363)
Please note that the ongoing SEC investigation has raised concerns regarding her professional conduct. Investors and stakeholders should stay updated on the outcome of this investigation for potential implications on her career and regulatory standing.