The Investor’s Watchdog

The Investor's Watchdog

FINRA Bars Former Cetera Advisor Network Colorado Broker for Refusing to Appear for Requested Testimony

Wednesday, February 13, 2019

On February 6, 2019, the Financial Industry Regulatory Authority (FINRA) Department of Enforcement approved a Letter of Acceptance, Waiver and Consent (AWC) submitted by former Cetera Advisor Networks (Cetera) registered representative Mitchell Bloom for refusing to appear for testimony pursuant to FINRA Rule 8210.

According to his FINRA BrokerCheck report, Bloom was associated with Cetera in Westminster, Colorado from February 2011 to November 2017. Bloom was discharged from the firm after allegedly violating the firm’s policies by participating in private securities transactions and engaging in outside business activity without Cetera’s approval.

Shortly after his termination, Cetera sent a Form U5 to FINRA stating the reason for his discharge and subsequently sent Bloom a request, pursuant to FINRA Rule 8210 for on-the-record testimony. On January 22, 2019, Bloom acknowledged, through his counsel’s email, that he received the request and would not appear for testimony at any time. Based on the foregoing, Bloom violated FINRA Rule 8210 and 2010.

By signing the AWC, Mitchell Bloom consented, without admitting or denying the allegations made against him, to a bar from associating with any FINRA member firm in any capacity.

Many times, brokerage firms can be held liable if they failed to supervise a broker who committed misconduct while registered at their firm. If your broker lost your money and you suspect wrongdoing, you may be able to recover from your broker or his or her brokerage firm. Call us (1-877-410-8172) for a free, no obligation consultation. Since 1998, we have been fighting for victims of broker misconduct and investment fraud.

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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