FINRA filed a complaint against Giovanni Acevedo of Wilton Manors, Florida for allegedly converting client funds for his own personal use. While no longer registered with a firm, Acevedo served as the registered agent, manager and authorized agent for ACE Capital Investments (a Florida liability company) and was the sole owner of ACE between 2010 and 2014. At the time, he was registered with Voya Financial Advisors, also known as ING Financial Partners.
FINRA alleges that between January 2009 and March 2014 Acevedo converted $160,000 of customers’ funds for his own personal use. The allegations are that Acevedo recommended at least one client to invest in “ACI Capital Investment” and represented that he would invest the client’s funds via check on her behalf. The client allegedly gave Acevedo a personal check for $68,000 which he was to deposit in ACI Capital Investment. However, Acevedo allegedly changed the payee line to read ACE Capital Investment (his Florida liability company). In addition, Acevedo allegedly created false document for his client that reflected an open balance of $68,000 and a 7.5% semi-annual return or a period of 36 months while those funds were never actually invested. Continue reading →