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Articles Tagged with Transamerica Financial Advisors

Roy Aurelio Gaytan, of Moorpark, California, submitted a Letter of Acceptance Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for unauthorized trading.

In January 2012, Gaytan was registered as a representative of Transamerica Financial Advisors, Inc. until June 2017. During this period, Gaytan allegedly recommended that his customer establish a self-directed account with another firm. The customer then gave him de facto control over his account and he began using discretionary authority to execute securities transactions in the customer’s brokerage account at another firm. After sustaining losses in the account, the customer complained to Gaytan’s firm. Per FINRA, when questioned Mr. Gaytan admitted to executing discretionary trades in the account without providing disclosure to both firms resulting in his termination. Because of the foregoing conduct, Gaytan violated NASD Conduct Rule 3050(c) and FINRA Rule 2010. FINRA stated that Gaytan also violated rule 8210 by failing to respond to letters requesting information (Any person subject to FINRA’s jurisdiction must provide information if requested with respect to any matter involved in the investigation, complaint, examination, or proceeding.) Continue Reading

Gary Saitowitz, of Marietta, Georgia, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined $10,000, suspended for 18 months, and ordered to pay $11,455 plus interest in restitution to a customer for several violations related to the sale of non-traded real estate investment trusts (REITs).

Gary Saitowitz, a former registered representative with Transamerica Financial Advisors, Inc. (Transamerica) was found by FINRA to have recommended that four customers, including a senior citizen, allocate unsuitable amounts of their assets in non-traded REITs. As a result of Mr. Saitowitz’ recommendations, the customers’ accounts were allegedly overconcentrated and therefore unsuitable in light of their investment goals and risk tolerances.  FINRA also alleged that Mr. Saitowitz tried to circumvent the firm’s concentration limits on the amount of a customer’s liquid assets that could be invested in non-traded REITs by overstating the liquid net worth of certain customers.  Continue Reading

The Financial Industry Regulatory Authority (FINRA) fined six independent broker dealers for failing to give their clients the proper discounts available to them, known as breakpoint discounts, on large sales of certain nontraded REITs. The six firms are Voya Financial Advisors Inc. (Voya), Transamerica Financial Advisors Inc. (Transamerica), Investacorp Inc. (Investacorp), J.P. Turner & Co. (J.P. Turner), National Planning Corp. (National Planning), and Cetera Investment Services (Cetera).

The fines were levied in July and August and total more than $500,000. Voya and Transamerica were fined the largest amounts: $325,000 for Voya and $85,000 for Transamerica. The other fines levied against Investacorp, J.P. Turner, National Planning, and Cetera were: $50,000, $45,000, $30,000, and $30,000, respectively. All six firms were also ordered to pay restitution. Continue Reading

Garyn Angel of Port Richey, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in private securities transactions without his firm’s written approval.

From February 1999 through March 2009 Angel was registered through FINRA member Transamerica Financial Advisors, Inc. (Transamerica). On March 21, 2009, Invest Financial Corporation (Invest Financial) filed a Form U4 for Angel to commence his association with Invest Financial. In February 2013, Invest filed a Form U5 terminating Angel due to a customer complaint filed in January 2013. Continue Reading

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