Hugues Guirand of Virginia Beach Virginia a stockbroker formerly registered with Woodstock Financial Group Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by a FINRA Office of Hearing Officers Default Decision containing findings that Guirand did not cooperate with FINRA in an investigation relating to a customer initiated investment related complaint about him. Department of Enforcement v. Hugues Guirand Disciplinary Proceeding No. 2020068395801 (July 26, 2021).
According to the Decision, a customer of Woodstock Financial Group filed an investment related FINRA securities arbitration claim in October of 2020 about Guirand. The customer alleged to have been solicited real estate transactions by Guirand when his securities broker dealer did not authorize those transactions. FINRA’s investigation commenced, and the focus of that investigation was whether the stockbroker engaged in private securities transactions or outside business activities in violation of FINRA rules.
Guirand was asked by FINRA to provide documents and information and to testify in the investigation. But the stockbroker did not respond to either request. The regulator stated that in February of 2021, Guirand was asked to provide bank account statements and tax returns, his communications with the customer, and his statement concerning those companies that he participated in for real estate transactions. The stockbroker was expected to hand over documents relating to all of this by March 5, 2021, but Guirand did not respond to FINRA’s requests. Guirand was asked to testify on March 8, 2021 but he did not make an apperance.
FINRA mentioned that Guirand acknowledged FINRA’s requests and had expressed his willingness to testify. He failed to make whole on his agreement with the regulator. Guirand’s obstruction of the investigation resulted in Department of Enforcement filing the complaint which Guirand did not answer. The Decision contains findings of Guirand violating FINRA Rules 2010 and 8210.
Guirand was registered with Woodstock Financial Group between July 24, 2007 and April 23, 2019. Since July 10, 1998, he has been associated with six different broker dealers, two of which have been expelled by regulators for violation of federal securities laws or are otherwise defunct.
