Did Frank John Tarazon Cause You Investment Losses?
Frank John Tarazon, a former broker at Des Moines, Iowa based ING Financial Partners, Inc., submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he agreed to the described penalties and to the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he borrowed a total of $368,692 from an elderly customer contrary to his member firm’s policies and procedures, which barred registered representatives from borrowing money from customers, except from immediate family members.
FINRA found that Mr. Tarazon never requested permission to borrow funds from the customer, and the firm was without knowledge of the customer’s loans to Mr. Tarazon. FINRA’s findings also stated that Mr. Tarazon maintained or had a financial interest in brokerage accounts held outside his member firm and did not provide the firm with written notice of these accounts or receive the firm’s prior approval to open or hold an interest in the accounts. Further, FINRA found that Mr. Tarazon was designated as a successor trustee to the customer’s trust and as a beneficiary to that trust. Mr. Tarazon’s firm’s policies and procedures barred registered representatives from being named as a beneficiary on an account or from acting in the capacity of a guardianship, conservator, trustee, power of attorney, or any similar type of relationship on behalf of any unrelated person without the firm’s written approval. This prohibition included acting as a beneficiary of a trust or estate. According to FINRA, during his firm’s annual inspections, Mr. Tarazon falsely stated to his supervisor that he had no undisclosed outside brokerage accounts. Mr. Tarazon also falsely stated on annual business questionnaires that he was not named as a trustee or beneficiary of a customer’s trust. Mr. Tarazon of Oxnard, California was fined $20,000 and suspended from association with any FINRA member in any capacity for six months.
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We are top rated securities arbitration attorneys and highly ranked lawyers by our peers in Martindale Hubble and Thomson Reuters SuperLawyers who represent investors in securities arbitrations conducted by the Financial Industry Authority (FINRA), American Arbitration Association (AAA) and JAMS alternative dispute resolution forums serving Iowa investors. This state has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to engage in all kinds of stockbroker misconduct which violates Federal and Iowa securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms’ policies and procedures.
Experienced Securities Arbitration Lawyers Who Handle FINRA, AAA Or JAMS Arbitrations Throughout Iowa And Nationwide.
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At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of securities law and investment disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout Iowa, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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Free Initial Consultation With An Experienced FINRA, AAA and JAMS Securities Arbitration Attorneys Serving Iowa Residents
The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle securities law matters and investment disputes in FINRA, AAA and JAMS arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA, AAA and JAMS arbitrations serving Iowa citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.