Daniel Abraham Santos a stockbroker formerly registered with PFS Investments Inc. in Lancaster, Pennsylvania, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Santos failed to respond to the regulator’s requests for information regarding his outside business activities. FINRA Case No. 20220739513011 (August 25, 2023).
According to FINRA Rule 9552(h), Santos was initially suspended, as indicated in the Notice of Suspension dated May 22, 2023, and the Suspension from Association letter dated June 15, 2023. These documents were part of the formal process undertaken by FINRA in response to Santos’s failure to provide the requested information.
Under FINRA Rule 9552(h), for Santos to continue as a stockbroker, he was required to request the termination of his suspension within three months of the date of the Notice of Suspension. Santos did not make that request within the specified timeframe. As a result, on August 25, 2023, he was automatically barred by the regulator.
The regulatory action comes after PFS Investments Inc. permitted Santos to resign on January 13, 2022, during an “internal investigation into his outside business activities.” Santos was associated with PFS Investments Inc. in Lancaster, Pennsylvania, from January 2, 2019, to January 31, 2022, and in West Lawn, Pennsylvania, from November 13, 2015, to December 31, 2018.
