Ohio Broker Suspended for Concealing Pot Business

Former Royal Alliance Associates broker Darrin Farrow was suspended from the industry for one year and fined $25,000 by the Financial Industry Regulatory Authority (FINRA) for setting up a marijuana-growing business and asking his customers to invest in it without his firm’s approval. Farrow opened a pot business called MAD Farmaceuticals in Rocky River, Ohio in 2012 and in early 2015, raised around $1 million from six clients who bought membership interests in an affiliate called MAD Oregon. He was suspended by FINRA because he did not disclose his outside business activity, which is against securities rules and regulations. Farrow was permitted to resign from Royal Alliance in May 2015. Ohio’s state securities division then suspended him in July 2015 for 45 days. At that time, he was working with Triad Advisors, but left the firm last month.

Farrow was registered with The Equitable Life Assurance Society, Equico Securities, Vestax Securities, Linso/Private Ledger, Waterstone Financial Group, Triad Advisors in Westlake, Ohio from August 2009 until February 2010, Royal Alliance Associates in Rocky River, Ohio from February 2010 until June 2015 and Triad in Rocky River from June 2015 until May 2016. He has one customer dispute against him. He is not licensed within the industry.

Darrin-Farrow-FINRA-AWC

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