Jose Luis Leon, of Palmetto Bay, Florida, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly violating NASD Rule 3010 and FINRA Rule 2010.
Leon was employed with BAC Florida Investments Corp. (BAC Florida) from December 1987 until his termination in February 2017. During the period between July 2013 and November 2014, Leon served as BACs Chief Compliance Officer. Leon was responsible for supervising and reviewing the trading activities of the firm’s former CEO and Head Trader. The findings stated that the Fixed Income Investigation staff of FINRA’s Department of Market Regulation reviewed certain fixed income securities transactions that BAC Florida made through its former CEO and Head Trader. FINRA investigated Leon’s supervision over the former CEO and Head Trader’s trading activities. According to FINRA, Leon failed to supervise and review the prohibited trading activities of both the CEO and Head trader, instead he allowed them to review their own activities.
Without admitting or denying FINRA’s findings, Mr. Leon was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in all capacities for six months. The suspension is in effect from October 1, 2018, through March 31, 2019.
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 stockbroker’s failure to supervise, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like BAC Florida, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your BAC Florida account due to stockbroker’s failure to supervise? Was Jose Luis Leon 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 BAC Florida Investment Corp. 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 firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.