Charles Courtney Sandoval of Tempe Arizona a stockbroker formerly employed by Allstate Financial Services LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Order containing findings that Sandoval failed to comply with an arbitration award or otherwise confirm with FINRA whether he complied with his obligations. Case No. 2017055042201 (July 27, 2017).
According to FINRA Public Disclosure, Sandoval sought a hearing concerning his non-payment of an arbitration award. The Office of Hearing Officers concluded that Sandoval was not entitled to hearing. The Order confirmed that Sandoval’s suspension became effective July 27, 2017. The suspension, according to FINRA, was slated to be in effect until either (1) the award had been paid; (2) Sandoval and the arbitration claimant arranged for a written installment plan for payment of the award; (3) Sandoval made a formal request for the award to be vacated or modified; or (4) Sandoval filed bankruptcy and the award could be discharged. Sandoval’s suspension apparently ended on October 12, 2017.
FINRA Public Disclosure confirms that Sandoval is referenced in seven customer initiated investment related disputes pertaining to accusations of Sandoval’s violative conduct during the time that he was associated with Securities America, Inc. For example, a customer initiated investment related arbitration claim concerning Sandoval’s activities was settled for $324,935.84 in damages based upon allegations that transactions were executed in the customer’s account that were not suitable for the customer, misrepresentations had been made to the customer, and fiduciary duties owed to the customer had been breached concerning the sale of medical capital. FINRA Arbitration No. 10-04437 (Sept. 29, 2011).
Thereafter, a customer initiated investment related arbitration claim regarding Sandoval’s conduct was resolved for $134,000.00 in damages founded on accusations of suitability, misrepresentation and omissions pertaining to direct investment products and oil & gas products. FINRA Arbitration No. 10-03045 (Oct. 21, 2011).
Sandoval’s registration with Allstate Financial Services, LLC has been discharged on August 28, 2017 supported by allegations that the firm had a loss of confidence in Sandoval based on Sandoval having failed to respond to FINRA personnel in a timely manner.
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