Rick Esparza of Rancho Murrieta California a stockbroker formerly employed by Princor Financial Services Corporation is referenced in a customer initiated investment related written complaint which had been resolved for $19,500.00 on June 24, 2016 supported by accusations that false or misleading statements were made to the customer in regard to the customer’s provision of $15,000.00 to Esparza for purposes of mutual fund investment transactions to be executed in the customer’s investment account while Esparza was employed by Principal Securities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure also confirms that a customer initiated investment related complaint concerning Esparza’s activities was settled for $75,000.00 in damages founded on allegations that while Esparza was associated with Princor Financial Services Corporation, Esparza received a loan from the customer by way of the customers’ partial surrenders of an annuity, wherein Esparza defaulted on his repayment of the loan.
FINRA Public Disclosure additionally reveals that Esparza has been barred from associating with any FINRA member in any capacity founded on findings that Esparza failed to comply with FINRA personnel during the time Esparza had been subject of a FINRA investigation into accusations of his unapproved customer loan arrangement. Letter of Acceptance Waiver and Consent No. 2015046919807 (Dec. 11, 2015).
The AWC stated that Esparza was expected by FINRA to provide information and documentation to FINRA concerning allegations of $67,500 being taken by Esparza as purported loans from customers. Apparently, FINRA received word from Esparza that he would not provide the information and documentation to FINRA under any circumstances. FINRA found Esparza’s conduct violative of FINRA Rules 2010 and 8210.
Esparza was discharged by Princor Financial Services Corp supported by accusations of Esparza’s receipt of a customer loan prompting the customer’s complaint.
