Marco A. Daniel, of Chula Vista, California, a stockbroker currently registered with PFS Investments Inc., has been suspended from conducting business with California residents in an insurance capacity pursuant to a California Department of Insurance Order containing findings that Daniel was sanctioned by Financial Industry Regulatory Authority (FINRA) for sales practice violations. PLBS 10438-AP (Apr. 3, 2017).
Specifically, Daniel was fined and suspended for four months from associating with any FINRA member in any capacity based upon consenting to findings that while associated with PFS Investments, Inc., he entered an arrangement to borrow a customer’s funds in violation of the firm’s policies. Letter of Acceptance, Waiver and Consent, No. 2014042807501 (Jan. 8, 2016). According to the AWC, Daniel failed to fulfill his repayment obligations to the customer until the customer filed a complaint against him. Evidently, Daniel also engaged in business activities away from his firm despite his obligation to apprise the firm beforehand. FINRA found Daniel’s conduct in this regard to be violative of FINRA Rules 2010, as well as NASD Rules 3030 and 2370.
FINRA Public Disclosure reveals that on March 1, 2016, a customer initiated investment related written complaint involving Daniel’s conduct was settled to resolve allegations that Daniel failed to repay funds to a firm customer as promised.
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