The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.
All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.
See the FINRA website for current and historical disciplinary actions.
Carlos C. Garcia (CRD #2635960, Registered Principal, Westport, Connecticut) submitteda Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspendedfrom association with any FINRA member in any capacity for five months. Without admitting or denying the findings, Garcia consented to the described sanctions and to the entry of findings that he sold equity-indexed annuities (EIAs), non-securities products, to member firm customers and others outside the scope of his employment with his firm
and without providing it with any notice of the business activity. The findings stated that Garcia’s undisclosed sales totaled roughly $4.3 million and he received approximately $338,445 as compensation for the transactions. In annual attestations over the course of five years, Garcia falsely certified to the firm that he had not been engaged in any undisclosed outside business activity.
The suspension is in effect from August 19, 2013, through January 18, 2014. (FINRA Case #2012032914901)
FINRA records report Garcia’s registration history as follows:
10/19/2012-present (Sept 2013)
First Montauk Securities
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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