NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Robert Kyle Stewart
AWC/2007011438101

Stewart accepted $445,914.13 from an elderly public customer for investment in a corporation he organized and owned, and failed to issue the customer any ownership interest. Rather than using the funds as intended, Stewart converted the funds to his own use and benefit by depositing the funds into the corporation’s bank account and paid personal expenses directly from the account or transferred funds to his personal bank account, thereby converting the funds without the customer’s knowledge or consent.

Robert Kyle Stewart: Barred

Tags: Elderly