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Carlsbad broker suspended, fined for trust activity

After removing funds, Kent Houston didn't provide documentation to regulator

The Financial Industry Regulatory Authority (known as FINRA) has suspended Carlsbad's Kent Houston for two years and fined him $25,000 for failure to provide testimony, and additionally given him a consecutive one-year suspension and $50,000 fine for having outside business as a trustee. Houston was a trustee for the trust of his great aunt and uncle, according to FINRA documents. From 2001 through early 2006, he removed more than $400,000 from the trust account. But he didn't give his brokerage house, First Wall Street, notice that he was engaged in outside business activity or was receiving compensation for acting as trustee for the trust. According to FINRA, on five occasions Houston failed to disclose his trust activities to the firm. Houston did not produce all the documents that FINRA had requested, and did not appear and testify as requested according to FINRA.

Houston initially appealed the FINRA decision to the Securities and Exchange Commission (SEC) which remanded the case to FINRA. FINRA then moderated its decision.

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The Financial Industry Regulatory Authority (known as FINRA) has suspended Carlsbad's Kent Houston for two years and fined him $25,000 for failure to provide testimony, and additionally given him a consecutive one-year suspension and $50,000 fine for having outside business as a trustee. Houston was a trustee for the trust of his great aunt and uncle, according to FINRA documents. From 2001 through early 2006, he removed more than $400,000 from the trust account. But he didn't give his brokerage house, First Wall Street, notice that he was engaged in outside business activity or was receiving compensation for acting as trustee for the trust. According to FINRA, on five occasions Houston failed to disclose his trust activities to the firm. Houston did not produce all the documents that FINRA had requested, and did not appear and testify as requested according to FINRA.

Houston initially appealed the FINRA decision to the Securities and Exchange Commission (SEC) which remanded the case to FINRA. FINRA then moderated its decision.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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