Connecticut sanctions broker-dealer

The Connecticut Department of Banking accused a Weston man of diverting more than $700,000 in funds from a partnership for his own use, after a financial regulatory body barred him last year from practicing in the profession.

Through affiliates of a Norwalk hedge fund he ran called RMV Partners L.P., Ronald Marvin allegedly wired more than $700,000 from an account for his own personal use without authorization from limited partners affiliated with RMV, according to the Department of Banking (DOB).

The report alleges Marvin also wired money totaling $145,000 from RMV”™s account at Sloan Securities without notifying limited partners, ultimately repaying the money. Sloan Securities terminated Marvin”™s employment as a broker-dealer in 2009 for borrowing money from a client without prior approval, according to DOB.

Following its own investigation into the same transactions, last October the Financial Industry Regulatory Authority barred Marvin from associating with any FINRA member in any capacity.

DOB did not immediately specify fines it would seek, with Marvin allowed to contest the findings.