Marceliano Macias of Hollywood Florida a stockbroker formerly registered with Transamerica Financial Advisors Inc. has been fined $7,500.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded upon findings that he engaged in undisclosed outside business activities during the time that he was associated with Transamerica. Letter of Acceptance Waiver and Consent No. 2020068784901 (Sept. 21, 2021).
According to the AWC, between June of 2020 and March of 2021, while Macias was associated with Transamerica, he took part in a business that engaged in cryptocurrency purchases and sales. FINRA states that the business received capital from Macias. It used that capital to buy Columbia-based cryptocurrencies. Those cryptocurrencies were then sold by Macias and his partner on Untied States exchanges. The profits that Macias and his partner made were moved to bank accounts that Macias used to conduct business. Funds were also used by Macias’ partner to buy more cryptocurrency. Macias was compensated for his role in this business.
Macias was required to inform Transamerica Financial Advisors about his outside business activity since this type of activity took pace away from the securities broker dealer. Macias never told Transamerica about his involvement, violating FINRA Rules 2010 ad 3270.
Macias was associated with Transamerica Financial Advisors between January 27, 2020 and April 15, 2021. He was discharged after acknowledging to Transamerica that he engaged in cryptocurrency transactions. The securities broker dealer alleged that Macias never asked for its permission nor obtained permission to do this.
