The allegations read: Finra rules 2010, 3240 and 3270, nasd rules 2370 and 3030: barber improperly received five loans totaling $867,000 from three customer of his member firm. The three customers were barber's personal friends before they established securities accounts with him at his firm. The customers provided the loans to barber by transferring their monies via wire from their brokerage accounts at the firm to a checking account in the name of a business entity owned by barber that had not been disclosed to his firm. In doing so, barber concealed the five loans from the firm. Barber then moved the customers' monies via electronic funds transfers to his personal checking account and used the monies to pay personal expenses. Barber repaid the customers' loans. Barber failed to provide prompt written notice to his firm of his involvement in his company, an undisclosed outside business activity.
