Former Dakota Director Carlos Ricardo Fuenmayor Suspended for Misconduct
Carlos Ricardo Fuenmayor of Key Biscayne, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly acting as a General Securities Principal and a General Securities Representative without being registered in either capacity, in violation of NASD Rules 1021 and 1031, and FINRA Rule 2010. From September 2013 through October 2016, Carlos Ricardo Fuenmayor was associated with Dakota Securities International, Inc. (Dakota) as Director and 20% owner. According to FINRA, Fuenmayor securities licenses had lapsed in September 2013 when he purchased 20% ownership interest in Dakota. The findings stated that Fuenmayor did not become registered as a General Securities Principal or a General Securities Representative until 2015 but was actively engaged in Dakota’s securities business and in the management of its securities business. In addition to the FINRA findings, Fuenmayor was primarily responsible for the hiring and management of personnel at Dakota, advised registered representatives about different types of trading strategies and ordered the registered representatives to execute trades.
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