Arturo Alejandro Nunez of Miami Lakes Florida a stockbroker formerly registered with PFS Investments Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Nunez failed to cooperate in FINRA’s investigation into allegations of his sales practice violations and unauthorized commission splitting arrangement. Letter of Acceptance Waiver and Consent No. 2016050694701 (Nov. 27, 2018).
According to the AWC, Nunez became subject of a FINRA investigation in 2016 pertaining to his misconduct in the securities industry concerning commissions on investment transactions. However, prior to FINRA seeking information from Nunez in regard to his activities, he was discharged by PFS Investments Inc. supported by accusations that Nunez had engaged in sales practice violations while associated with the firm.
Ultimately, Nunez was contacted by FINRA on April 11, 2018, in which the regulator requested under Rule 8210 that Nunez provide recorded testimony before FINRA personnel. Apparently, by June 27, 2018, counsel for Nunez corresponded with FINRA to confirm that he would not be making any appearance for recorded testimony. Counsel for Nunez later notified FINRA by August 15, 2018 that Nunez was reconsidering whether to cooperate with FINRA. Thereafter, FINRA made another request for Nunez’s recorded testimony.
Supposedly, on August 30, 2018, Nunez provided some recorded testimony before FINRA; however, Nunez failed to be fully cooperative. Indeed, FINRA asked Nunez questions that Nunez refused to respond to; and Nunez ultimately ceased answering questions altogether prior to FINRA finishing its examination of him.
The AWC stated that Nunez was asked to make an appearance on September 25, 2018 for further testimony. Nunez took a similar approach as before – he answered some of FINRA’s outstanding questions; however, he refused to allow the remainder of FINRA’s questions to be asked of him. FINRA found Nunez’s failure to cooperate in its investigation to be violative of FINRA Rules 2010 and 8210.
This is not the first time that Nunez has been sanctioned by FINRA. In particular, Nunez has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that Nunez, inter alia, signed the name of a PFS Investments Inc. customer on a variable annuity application without the customer’s knowledge or approval. Letter of Acceptance Waiver and Consent No. 2013036478401 (Apr. 21, 2014).
