Louis Anthony Tinoco Jr., a former Registered Representative with Miami, Florida-based Barclay’s Capital Inc. (Barclay’s), submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) sanctions and findings that he provided a false account summary to his customer in order to conceal the losses incurred due to his trading activity.
According to FINRA, Louis Tinoco provided his customer with a chart that supposedly reflected the monthly value of the customer’s Barclay’s account. The chart, prepared by Mr. Tinoco, overstated the actual value of the customer’s account by more than $200,000. Additionally, Mr. Tinoco failed to respond to FINRA’s request to appear and provide testimony in connection with their investigation, which is a violation of FINRA Rule 8210. Louis Tinoco, of Miami Beach, Florida, was permanently barred from association with any FINRA member in any capacity.
Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior which violate industry rules and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of these rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors do not establish and implement these protective measures, they may be liable to account holders for losses flowing from the misconduct. As a result, account holders who have suffered losses stemming from a stockbroker or registered representative’s fraudulent and/or unlawful misconduct can bring forth claims to recover damages against broker-dealers like Barclay’s Capital, which have a duty to supervise its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Barclay’s investment account due to your registered representative or stockbroker’s prohibited or unlawful misconduct? 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 financial professionals for unsuitable recommendations, misrepresentations and/or other unauthorized and illegal conduct.
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 post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.