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Neither a borrower nor a lender be.
Ciro Gilbert Cavazos, of Chico, California, a stockbroker with Edward Jones, was fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member firm any capacity after consenting to findings that he engaged in the unauthorized borrowing of customer funds. Letter of Acceptance, Waiver and Consent, No. 2016049080401 (Aug 4, 2016).
According to the AWC, in May 2011, while Cavazos was associated with Edward Jones, he had borrowed $10,000.00 from one of the firm’s customers. Apparently, the loan between the customer and Cavazos was not documented, and did not contain a date in which the loan obligation matured or what repayment terms were. The AWC stated that the customer’s investment account was switched to Raymond James upon Cavazos’ becoming employed there.
Apparently, Edward Jones and Raymond James both disallowed individuals such as Cavazos from borrowing funds from customers, absent certain limited circumstances. FINRA found that Cavazos failed to meet any of the circumstances where borrowing was allowed, and found him to be in violation of FINRA Rules 3240 and 2010 as a result. Prior to FINRA’s disciplinary action against Cavazos, he was terminated by Raymond James Financial Services on March 2, 2016, for borrowing funds from a client without disclosing such to the firm.
Public disclosure records reveal that Cavazos has been subject to four disclosure incidents. On December 18, 2012, Cavazos settled a customer dispute for $12,000.00 after the customer alleged that Cavazos had withdrawn funds from the customer’s individual retirement account despite not having permission, and where such withdrawal resulted in the customer bearing a tax liability of $35,000.00.
On May 27, 2016, Cavazos became subject to another customer dispute currently pending, in which the customer alleged that Cavazos committed fraud, breach of misrepresentation, and elder financial abuse in connection with a variable annuity transaction.
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