Sherwin Sargeant: FINRA Bars PlanMember Advisor After Crypto Probe

Former Orlando, Florida financial advisor Sherwin Sargeant (CRD# 5096798) has been barred by FINRA in connection with allegations of undisclosed outside business activities. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with PlanMember Securities Corporation.

A Letter of Acceptance, Waiver, and Consent (No. 2023079285701) describes FINRA’s disciplinary action against Mr. Sargeant. Filed in October 2024, it states that FINRA initiated an investigation following PlanMember’s June 2023 disclosure of his resignation from the firm. The probe concerned allegations that he was involved with “undisclosed outside business activities, including those potentially relating to crypto assets.” As part of it, the regulator sent him a request to appear for on-the-record testimony, as it is empowered to do by FINRA Rule 8210.

According to the Letter, Mr. Sargeant indicated in a phone call with FINRA that he had received the request but would not be complying with it. FINRA found that his refusal violated Rule 8210, which prohibits brokers from failing to provide testimony requested under the rule. It also found that he violated Rule 2010, under which brokers must uphold high standards of commercial honor and just and equitable principles of trade. As a result of these findings, FINRA barred him from associating with any member firm in any capacity.

Mr. Sargeant’s BrokerCheck report discloses his resignation from PlanMember Securities. Filed in June 2023, it states that he submitted his voluntary resignation after the firm “discovered [a] reference to an undisclosed business activity during [an] email review,” and then determined through a background check that he “appeared to have additional undisclosed outside business activities.” The disclosure states further that he cooperated with a review, then “resigned prior to providing all requested information.”

According to the Financial Industry Regulatory Authority, Sherwin Sargeant holds 14 years of securities industry experience. Most recently based in Orlando, Florida, he was registered with PlanMember Securities Corporation from 2019 until 2023. His registration history includes GWN Securities (2015-2019), PlanMember Securities (2007-2010, 2012-2014), and ING Financial Advisers (2007). His credentials include the passage of two securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; and the Securities Industry Essentials Examination, or SIE. He has been barred from associating with any FINRA member in all capacities. (Information current as of November 5, 2024.)

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