FINRA Bans And Fines Carlos Sosa

The Background of Carlos Sosa

Actinver Securities, Inc. (BD No. 41139) (“Actinver” or the “Firm”) is pleased to announce that on July 24, 2019, the Firm initiated the registration process for Carlos Sosa with FINRA by filing a Form U4. Actinver terminated Sosa on November 13, 2019, “after allegations of a violation of the testing protocol for the Series 7 examination,”. According to Article V Section 4 of FINRA’s By-Laws, even though Carlos Sosa was not a member of FINRA at the time of his termination, he is nonetheless subject to FINRA’s jurisdiction. There is no disciplinary record for the respondent to refer to.

Report on Carlos Sosa

The recommendation to FINRA’s Credentialing, Registration, Education, and Disclosure Department came from a testing facility.

According to FINRA Rule 1210.05, “[a]ssociated persons shall be subject to the Rules of Conduct for representative and principal examinations” when sitting for such an exam. When an affiliated person fails to “observe high standards of commercial honor and just & equitable principles of trade,” they are breaking FINRA Rule 2010.

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Carlos Sosa sat for the Series 7 General Securities Representative exam on the 13th of this month. To take the exam, Sosa had to subscribe to the FINRA Qualification Examinations Rules of Conduct, which forbids candidates from using or attempting to use any outside information or notes. All personal goods must be placed in the locker provided by the test vendor before entering the testing room, as stated in the Rules of Conduct. Carlos Sosa was caught with unapproved course materials upon his return following an unannounced absence. Sosa broke FINRA Rules 1210.05 and 2010 by having prohibited materials in his possession during a qualification examination.

Penalties, Punishments & Sanctions

  • 18-month ban on working for any FINRA member in any capacity and
  • a $5,000 fine

The penalty must be paid before applying for relief from statutory disqualification owing to this or any other event or process, or upon reassociation with a member firm, whichever comes first.
Respondent expressly and freely waives any claim of inability to pay, either at the time of execution of this AWC or at any time thereafter.

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Respondent is aware that being barred or suspended from associating with any FINRA member constitutes a statutory disqualification as that word is defined in Article III, Section 4 of FINRA’s By-Laws, which incorporates Section 3(a)(39) of the Securities Exchange Act of 1934. During the term of the bar or suspension, he is not permitted to have any involvement with any FINRA member, including in an administrative or clerical position. Please refer to FINRA Rules 8310 and 8311.

A Look at Carlos Sosa

Sosa violated FINRA Rules 1210.05 and 2010 by having unauthorized study materials on the day of the Series 7 General Securities Representative examination (November 13, 2019).

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Victims of Carlos Sosa Get Help

If you’ve lost money due to Carlos Sosa’s false promises, poor advice, or risky investments, you may be entitled to get your money back. Then you can seek legal recourse and be vindicated. This is not a sector in which fraud, malpractice, or neglect of duty can be tolerated. If you discover that your financial advisor or brokerage business is violating FINRA’s rules and regulations, you should report them immediately.

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Financial advisers must offer the best investments and investment plans for their customers, as required by law and regulation. Their advice should be tailored to the client’s specific objectives and requirements. The brokerage firm that employs financial advisors is similarly obligated by law and regulation to monitor and oversee the advisors they retain. They should check that their financial advisor is not being dishonest or biased in favor of any certain investments. The client or customer may be entitled to a complete or partial recovery of losses if the financial advisor and/or the brokerage firm breaches certain duties.

When making recommendations about investments or investment strategies, financial advisors should do so with their client’s best interests in mind. Before recommending an investment or investment strategy, a financial advisor must do their utmost to assess whether or not the potential benefits outweigh the potential dangers.

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