Rene Adolfo Bolivar (also known as Rene Bolivar) of Salinas, California, a stockbroker registered with First Allied Securities Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Bolivar failed to testify and provide information and documents to FINRA when it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2022074678101 (April 12, 2023).
On June 17, 2021, First Allied Securities Inc. submitted a Uniform Termination Notice of Securities Industry Registration (Form U5), indicating that Bolivar was terminated as a stockbroker. Subsequently, on April 12, 2022, First Allied Securities Inc. filed an amendment to the Form U5, disclosing a civil action that was brought against the securities broker dealer and Bolivar by a former customer’s relative alleging that Bolivar was improperly named a beneficiary of deceased client’s trust..
FINRA launched an investigation into Bolivar based on the Form U5 submission. FINRA issued a request to Bolivar on January 19, 2023, seeking the production of specific information and documents. Bolivar asked for an extension to respond on January 25, 2023, which was granted by FINRA. However, he failed to provide a response by the February 10, 2023 deadline.
On February 14, 2023, FINRA issued Bolivar a second request. Bolivar requested another extension to respond on February 21, 2023, which was granted. Also, on February 22, 2023, FINRA requested that Bolivar appear and testify before FINRA investigators. Despite follow-ups, Bolivar’s lawyer phoned FINRA on March 14, 2023, requesting another extension to respond. FINRA provided Bolivar until March 20, 2023, to comply.
By March 21, 2023, Bolivar’s lawyer informed FINRA that Bolivar confirmed the receipt of FINRA’s requests, but that Bolivar refused to produce the requested information and documents and refused to testify at any point. By declining to comply with those requests for information, documents, and scheduled testimony, FINRA found that Bolivar violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that Bolivar was also referenced in a customer initiated investment related complaint filed on April 6, 2005, in which the customer requested $17,005.41 in damages based upon allegations that Bolivar made unsuitable recommendations of annuities during the time that Bolivar was associated with Prudential Securities Inc.
Bolivar is also referenced in a customer initiated investment related civil action in which the customer requested compensation based upon allegations that Bolivar was wrongfully named as the beneficiary of a customer’s trust when Bolivar was associated with First Allied Securities Inc. Civil Action No. 21PR191331 (December 13, 2021).
Bolivar’s registration with First Allied Securities Inc. was terminated on June 17, 2021.
