Frank Bazan of Houston Texas is a stockbroker formerly registered with BBVA Securities Inc. who has been fined $20,000.00 and suspended for seven months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he entered into an unapproved customer loan arrangement and outside business activity while associated with the firm. Letter of Acceptance Waiver and Consent No. 2016049542401 (Mar. 23, 2018).
According to the AWC, in 2013, real estate was purchased by Bazan and his business partner for purposes of generating a profit through flipping the property. Evidently, Bazan generated a $15,000.00 profit through buying and flipping the property. Bazan reportedly failed to inform BBVA Securities Inc. about his real estate activities and represented to his firm within a compliance attestation that he had not pursued any outside business activities during the period where he was involved with the real estate venture. FINRA found that Bazan failed to be forthcoming to BBVA Securities Inc. in regard to his outside business activities; conduct violative of FINRA Rules 2010 and 3270.
The AWC additionally revealed that Bazan entered into an unapproved customer loan arrangement in February of 2016. Evidently, a BBVA Securities Inc. customer, HZ, executed a note in which Bazan would borrow $150,000.00 from the customer. Apparently, the procedures and policies of the firm disallowed Bazan from effectuating loans with HZ. FINRA found Bazan’s conduct in that regard to be violative of FINRA Rules 2010 and 3240.
FINRA Public Disclosure confirms that on March 18, 2016, Bazan was terminated from BBVA Securities Inc. during the time that he was investigated by the firm for entering into the unapproved customer loan arrangement.
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