The investments were private placements for five companies, involving 19 clients and a total of $316,500. He also failed to disclose adverse information about an associate involved in the investments, who had been charged by the SEC with unrelated securities law violations.
The dealer rep had enjoyed a 33 year career in the securities industry and had been with Assante since 2000 until his termination in June 2022 when his misconduct came to light. He had no prior disciplinary history.
Lunam did not receive financial compensation for facilitating these investments and his cooperation with the investigation and admission of wrongdoing expedited the resolution of the case.
Given his financial position and his age (78), the CIRO panel determined that the fine and temporary ban effectively ended Lunam’s career and would be an appropriate deterrent.
