Teresita Santos of Cerritos California a broker formerly employed by Transamerica Financial Advisors Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that she failed to cooperate with an inquiry from FINRA in regard to her activities in the securities industry. Case No. 2016051967801 (May 18, 2017).
FINRA Public Disclosure confirms that Santos was discharged by Transamerica Financial Advisors Inc. on November 7, 2016 founded on accusations that Santos violated the firm’s policies by modifying a customer’s account documentation, becoming power of attorney for a Transamerica customer, and taking steps to designate herself as beneficiary on the customer’s accounts before the customer died.
FINRA launched an inquiry into Santos’ activities shortly after her termination from Transamerica Financial Advisors Inc. Since Santos failed to cooperate, FINRA suspended her on March 13, 2017. Santos was then provided until May 17, 2017 to provide information to FINRA that was requested of her; however, she failed to do so. Consequently, FINRA barred her in all capacities on May 18, 2017.
