Fernando de la Lama Merino, of Miami, Florida, a stockbroker formerly registered with EFG Capital International, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that de la Lama failed to cooperate in a FINRA investigation into allegations of de la Lama’s sales practice violations. Department of Enforcement v. Fernando de la Lama Merino, No. 2015046020001 (Oct. 24, 2016).
According to the Complaint, on June 30, 2015, FINRA began investigating whether de la Lama, during the time he was registered with EFG Capital, engaged in misconduct pertaining to illiquid structured bond and notes sales which a foreign person referred. The Complaint stated on May 4, 2016, de la Lama was sent a request from FINRA for him to provide recorded testimony on May 24, 2016, in furtherance of the investigation per FINRA Rule 8210. Apparently, de la Lama provided testimony for FINRA, and resigned from EFG Capital International a day later. De la Lama’s attorney then reportedly informed FINRA that he was not representing de la Lama any longer.
The Complaint stated that FINRA personnel, on June 20, 2016, requested that de la Lama provide information and documentation in furtherance of the investigation per FINRA Rule 8210. The Complaint revealed that after de la Lama’s new counsel requested an extension of time for such information to be provided, de la Lama’s counsel withdrew from representation.
FINRA alleged in the Complaint that several additional attempts were made to retrieve information and documentation directly from de la Lama, but to no avail. FINRA alleged that de la Lama’s failure to cooperate was conduct violative of FINRA Rules 2010 and 8210.
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