Hugues Guirand of Virginia Beach Virginia a stockbroker formerly registered with Woodstock Financial Group has been charged by Financial Industry Regulatory Authority (FINRA) with failing to cooperate with its investigation into accusations of his solicitation of real estate investment trusts while he was associated with Woodstock Financial Group. Department of Enforcement v. Hugues Guirand Disciplinary Proceeding No. 2020068395801 (Apr. 12, 2021).
According to the Complaint, a customer of Guirand’s at Woodstock Financial Group filed an investment related dispute about Guirand through FINRA Dispute Resolution Services. Guirand was accused in this dispute of having solicited the customer’s investment in real estate transactions without having permission from Woodstock Financial Services. This led FINRA to commence an investigation into Guirand’s activities.
The Complaint states that Guirand was sent a letter from FINRA on November 13, 2020. The letter called upon him to provide information in regard to his involvement with the customer’s investments. Guirand allegedly put forth a response on November 23, 2020 in which he claimed to have not solicited the customer’s investment or otherwise participated in the transactions.
FINRA alleges that Guirand was asked to provide additional documents and information by February 25, 2021. He was asked by FINRA to provide bank account statements, tax statements, communications between the customer and him, and a statement that concerned his activities with the companies that were alleged by the customer to be part of the transactions. The regulator also instructed Guirand to provide recorded testimony on March 8, 2021.
Guirand purportedly failed to provide information or documents to FINRA in response to requests it made in February 2021. The stockbroker also neglected to provide recorded testimony for FINRA on March 8, 2021.
The regulator made an additional attempt at getting Guirand to provide the requested documents and to provide recorded testimony. Guirand claimed that he would make an appearance on March 15, 2021. He apparently never showed up on that date to testify and he never received any permission from FINRA to postpone that appearance.
FINRA alleges that Guirand prevented it from determining whether he engaged in private securities transactions or outside business activities as referenced by the customer who complained about him. He is accused of violating FINRA Rules 2010 and 8210 for this reason.
Guirand was registered with Woodstock Financial Group between July 24, 2007 and April 23, 2019.