Miami Broker Suspended By FINRA for Nine Months; Failure to Supervise
Mauricio De La Torre (2448272) is a previously registered securities broker. Most recently, Mr. De La Torre was employed at Tavira Securities in Miami, FL (2016 to 2017). Prior to that, he was a representative of Global Strategic Investments, LLC (2015 to 2016) and for Dakota Securities International (2014 to 2015).
On March 11th, 2019, FINRA suspended Mauricio De La Torre from the securities industry for nine months. According to the Letter of Acceptance, Waiver and Consent No. 2015047215402 published by the agency, Mr. De La Torre failed to perform his supervisory duties in accordance with FINRA rules. Here, our Miami investment fraud lawyers review the disciplinary action against this broker.
FINRA Sanctions: Former Dakota Securities Broker Mauricio De La Torre
The underlying misconduct in this case is alleged to have occurred in 2014 and 2015. At that time, Mauricio De La Torre was employed at Dakota Securities International. In 2014, Dakota Securities opened up a new branch office in Caracas, Venezuela. Already a representative of the firm, Mr. De La Torre was designated to be the head trader and ‘supervisor’ of the Caracas branch location. Though, Mr. De La Torre remained at his office in Miami during this time.
FINRA contends that financial advisors at the Caracas branch office funnelled most investor money into Petróleos de Venezuela S.A. bonds — a Venezuelan state owned enterprise. According to FINRA, there was no reasonable basis for many of these investments. In fact, the agency contends that many transactions coming out of the branch office were suspicious and should have raised serious red flags. Investigators contend that Mr. De La Torre failed in his supervisory roles for this branch office. He was aware of and approved securities transactions made at the Caracas location, even though a significant majority of these trades lacked an economic rationale.
Violation of FINRA Rule 3110(a)
Representatives that serve as general securities principals have a professional duty to adequately supervise transactions that are being conducted under their watch. FINRA’s supervisory rules help to protect investors and ensure market integrity. Under FINRA Rule 3110(a), securities principals have a duty to establish and maintain a supervisory system that is reasonably effective in achieving compliance with all relevant securities and regulations.
According to FINRA, this broker violated FINRA Rule 3110(a). Without admitting or denying any wrongdoing in this case, former Dakota Securities broker Mauricio De La Torre consented to FINRA’s penalties, including a nine-month suspension from the securities industry. His suspension runs until December of 2019.
Speak to a Miami, FL FINRA Arbitration Attorney Today
At Carlson & Associates, P.A., our FINRA arbitration lawyers have the skills and experience needed to handle all types of supervisory failure claims. If you lost money as a result of your brokerage firm’s failure to supervise a financial advisor, we are here to help. To get a fully confidential review of your investor losses claim, please reach out to our Miami law office today.