Jose Enrique Jimenez, a former registered principal with PFS Investments, Inc., submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was suspended and assessed a deferred fine of $10,000 by the Financial Industry Regulatory Authority (FINRA) for allowing his son, who was unregistered, to solicit prospective customers and recommend the purchase of mutual funds.
According to FINRA, Jose Jimenez, of Inglewood, California, allowed his unregistered son to solicit prospective customers, make over 100 mutual fund presentations, and recommend the purchase of mutual funds which resulted in total sales of over $800,000 in approximately 35 accounts. Further, Mr. Jimenez allowed his son to assist customers with completion of the necessary documents and to enter client information into the firm’s computer system utilizing his personal credentials. FINRA found that Mr. Jimenez falsely stated on three firm compliance questionnaires that he did not allow an unregistered individual to engage in securities activities. Continue Reading