Renegades CEO Chris Roumayeh was disciplined for soliciting investments without disclosing his position within the Detroit-based organization.
The Financial Industry Regulatory Authority (FINRA) issued a $15,000 fine and a 21-month ban from the brokerage industry to Roumayeh.
Roumayeh was working for the investment firm Merrill Lynch when the violations reportedly took place between 2014 and 2019.
FINRA’s disciplinary report released Wednesday does not explicitly name Renegades, but states that Roumayeh was involved in the purchase of a “franchise involved in the professional video gaming industry” and “managed the franchise’s day-to-day operations.”
Roumayeh has accepted the sanctions without admitting or denying the findings, according to the FINRA document.
—Field Level Media