A visit to an adult entertainment establishment has gotten a former representative of BofA Securities, Inc. into trouble with the United States Financial Industry Regulatory Authority (FINRA).

The Authority has launched a complaint against Paramveer Singh, who frequently visited a certain adult venue but one of his visits led to a hefty bill that was charged on his BofA corporate credit card.

On May 30, 2019, while registered through BofA Securities, Inc. (BofA), Singh converted and misused approximately $21,000 of BofA’s funds. On the evening of May 29, 2019, and continuing until the early morning of May 30, 2019, Singh attended the adult venue on a personal, non-business related visit. On May 30, 2019, Singh made eight separate charges at the adult venue on his BofA corporate card, totaling $20,767.96.

Following an internal investigation by BofA, on October 18, 2019, the firm filed a Form U5 indicating that it had terminated Singh as of September 20, 2019, for “conduct involving misuse of a corporate credit card inconsistent with firm policy.” BofA’s policies at all relevant times prohibited the use of corporate credit cards for personal expenditures. The May 30, 2019 charges that Singh made on his BofA corporate credit card were personal expenditures.

Now, FINRA has gone after Singh alleging violations of its rules. Singh is charged with conversion and misuse of corporate funds.

In addition, FINRA says that Singh violated FINRA Rules 8210 and 2010 by providing false information to FINRA staff in writing in response to FINRA Rule 8210 requests, and during his on- the-record testimony pursuant to FINRA Rule 8210.

Specifically, Singh falsely told FINRA staff, both in writing and orally, that he did not make or authorize the May 30, 2019 charges at the Adult Venue on his corporate credit card. He also falsely denied, both in writing and orally, making a telephone call to the corporate credit card call center on May 30, 2019, during which on a recorded line, Singh identified himself by name, confirmed his email address and the card’s credit limit, and inquired why additional charges on his BofA corporate credit card were declined at the Adult Venue on May 30, 2019.

FINRA’s Department of Enforcement seeks an order that one or more of the sanctions provided under FINRA Rule 8310(a) be imposed, including that Singh be required to disgorge fully any and all ill-gotten gains and/or make full and complete restitution, together with interest.