Two New Jersey men were fined and suspended FINRA for violating securities regulations in the way one referred clients to the other.

Jamik Jamar Ligon of Jersey City, N.J., was fined $7,500 and suspended from association with any FINRA members for two months, ending Oct. 2, FINRA records show.

Rocco Anthony Mongelli of Hillsdale, N.J., was fined $10,000 and suspended from any association with FINRA members for three months, ending Nov. 2, records show.

FINRA determined that Ligon paid Mongelli a $50,000 referral compensation fee when Mongelli referred brokerage customers to Ligon, according to FINRA.

The referral fee was paid because Mongelli was not registered to do business in the states of residence of those referred customers, FINRA said. Ligon subsequently served as the registered representative on those accounts.

Neither Ligon nor Mongelli admitted or denied the allegations, but did consent to the FINRA findings.