Alberto Sanchez of Fort Lauderdale Florida a stockbroker formerly registered with Sagepoint Financial Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Sanchez’s consent to findings that Sanchez obstructed a FINRA investigation into accusations of Sanchez having engaged in outside business activities that were seemingly not approved by the firm. Letter of Acceptance Waiver and Consent No. 2017056532001 (June 3, 2019).
According to the AWC, an investigation had been commenced by FINRA into Sanchez following receipt of Sagepoint Financial’s disclosures to FINRA regarding Sanchez’s activities. Particularly, the AWC stated that a Form U5 had been filed by the firm on November 27, 2017 which revealed that Sanchez was internally investigated by the firm regarding Sanchez’s possible participation in an outside business activity that Sanchez had not apprised the firm about. Supposedly, Sanchez voluntarily resigned on October 30, 2017 because of the firm having investigated him for misconduct.
The AWC stated that Sanchez initially cooperated with FINRA’s requests for information and documentation, handing over information relating to his activities preceding March 2019. This led FINRA to further inquire into Sanchez’s activities. Indeed, on April 1, 2019, a second letter had been sent to Sanchez under Rule 8210 in which Sanchez was instructed to produce documents for the regulator by a April 15, 2019 deadline. Sanchez was reportedly warned by FINRA that his lack of cooperation could cause FINRA to bar him or impose other sanctions.
Evidently, FINRA personnel had been contacted by Sanchez’s counsel on April 9, 2019 regarding the request. Counsel for Sanchez reportedly indicated that the documents would not, at any point, be provided by Sanchez for purposes of FINRA’s investigation. FINRA found Sanchez’s refusal to cooperate in this respect to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Sanchez is referenced in four customer initiated investment related disputes pertaining to allegations of Sanchez’s violative conduct while Sanchez was associated with MetLife Securities. Specifically, on September 26, 2010, a customer initiated investment related complaint was settled to resolve accusations that the customer was provided false or misleading information concerning the benefits of a variable annuity that had been sold to the customer. Then, on January 5, 2011, a customer filed an investment related complaint concerning Sanchez’s conduct where the customer sought $100,000.00 in damages supported by allegations that omissions had been made by Sanchez in regard to the limited partnership interests purchased by the customer.
Sanchez was employed by Sagepoint financial Inc. between June 11, 2018 and May 21, 2019.
