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Former Miami Securities Broker Fined $20,000 and Suspended for Fifteen Months for Acting as Unregistered Financial Advisor

Carlos Ricardo Fuenmayor (CRD#: 4055839) is a previously registered broker and investment advisor. From February 2015 to October of 2016, Mr. Fuenmayor was a representative of Dakota Securities International, Inc. based in a branch office in Miami, Florida.

However, Mr. Fuenmayor was associated with Dakota Securities International prior to 2015. In 2017, the Financial Industry Regulatory Authority (FINRA) launched an investigation into the conduct of this broker after allegations that he previously acted as a securities representative without registering.

On June 4th, 2019, FINRA announced the findings of the investigation: Carlos Ricardo Fuenmayor has been suspended from the securities industry for fifteen months and fined $20,000 for violating registration requirements. In this article, our experienced Miami investment fraud lawyers review the specific allegations and findings against this financial advisor.

Suspended Financial Advisor: Carlos Ricardo Fuenmayor 

According to the allegations from FINRA, Carlos Ricardo Fuenmayor purchased a 20 percent stake in Dakota Securities International in 2013. Additionally, he obtained the option to purchase the remaining shares of the company. Investigators contend that Mr. Fuenmayor began acting as a securities principal and a securities representative at this time — even though he did not register until early 2015 (FINRA Disciplinary Action: Case ID No. 2015047215403). Among other things, this conduct is a violation of FINRA Rule 2010, NASD Rule 1021, and NASD Rule 1031. Under securities industry regulations, individuals must register with regulators before acting as a securities representative.

Unregistered Broker: Influencing and Directing Client Investments

While he was acting as an unregistered securities representative, FINRA contends that Mr. Fuenmayor was attempting to dramatically alter the core focus of Dakota Securities International. The agency’s findings indicate that he constantly pushed the broker-dealer’s clients into international investments. More specifically, he wanted the brokerage firm’s representatives to get clients to invest more heavily in Latin American markets. Indeed, investigators determined that Mr. Fuenmayor:

  • Advised other Dakota Securities representatives on trading strategies; and
  • Ordered them to execute specific trades and transactions for clients.

Without admitting to or denying any of the allegations raised by regulators, former Dakota Securities representative Carlos Ricardo Fuenmayor has consented to FINRA’s proposed sanctions, including a $20,000 fine and a fifteen month suspension from the industry. His suspension is set to run until September 16th, 2020. If you lost money with Mr. Fuenmayor or with any other Dakota Securities representative, you may be eligible to recover financial compensation.

Get Help From Our Miami, FL Investment Fraud Lawyers Today

At ​Carlson & Associates, P.A., our Miami investment fraud attorneys are committed to protecting investor rights. Our Florida securities fraud lawyers have extensive experience holding brokerage firm and wealth management companies accountable. To set up a strictly private review of your FINRA arbitration claim, please contact our law firm right away. We have an office in Miami and we represent investors throughout Florida.

Resource:

finra.org/sites/default/files/fda_documents/2015047215403%20Carlos%20Ricardo%20Fuenmayor%20CRD%204055839%20AWC%20va%20.pdf

https://www.carlson-law.net/florida-financial-advisor-barred-after-refusing-to-cooperate-with-investigation-into-unauthorized-transactions/

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