Jesse Gil of Corpus Christi, Texas accepted an offer of settlement from the Financial Industry Regulatory Authority (FINRA) for his alleged misconduct while associated with Allstate Financial Services as a General Securities Representative (GSR). FINRA alleged that while Gil was associated with FINRA member Allstate Financial Services, he converted approximately $2,500 from a senior customer without their knowledge for his own personal gain. FINRA alleged that Jesse Gil used the converted funds on spa trips, sporting goods and even using it to pay his own credit cards. Additionally, FINRA’s investigators alleged Gil persuaded the customer to add him to their credit card as part of the bank’s policy and would even exchange financial advice for compensation. This was while Gil was associated with another firm and in direct violation of FINRA Conduct Rules. Furthermore, FINRA found that Jesse Gil gave false answers on compliance certifications in correlation with the investigation. Without admitting or denying the FINRA findings, Jesse Gil agreed to the sanctions and was barred from association with any FINRA member in any capacity.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from converted funds, false disclosures and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Allstate Financial Services, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Allstate Financial Services account due to converted funds and/or false disclosures by your broker? Was Jesse Gil your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Allstate Financial Services stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.