Former Texas Mutual of Omaha Investor Services Representative Barred by FINRA Resolving Allegations of Unapproved Bitcoin Outside Business ActivityWednesday, January 8, 2020
On December 20, 2019, the Financial Industry Regulatory Authority (FINRA) Department of Enforcement approved a Letter of Acceptance, Waiver and Consent (AWC) submitted by Ramon Esparza, a registered representative formerly associated with Mutual of Omaha Investor Services, Inc. (MOIS)
According to his FINRA BrokerCheck report, Esparza was associated with MOIS in Edinburg, Texas from October 2014 to August 2019. He voluntarily resigned after he allegedly received cash and transacted business in bitcoin without seeking or obtaining approval from the firm to conduct outside business activities. Shortly after the firm submitted a Form U5 to FINRA explaining his departure, FINRA Department of Enforcement sent Esparza a request for information and documents regarding the allegations. When Esparza failed to produce any information or documents, FINRA staff sent two additional requests until, on December 9, 2019, Esparza held a call with FINRA to acknowledge that he received all requests and to state that he refused to cooperate with the investigation at any time.
By refusing to produce documents and information requested, Esparza violated FINRA Rules 8210 and 2010. Without admitting or denying the allegations made against him, Esparza consented to a bar from associating with any FINRA member firm in any capacity.
If a broker was not properly supervised while registered at a brokerage firm, the firm can be held liable for the broker’s misconduct. Did you lose money due to broker misconduct? If so, you may be able to recover from him or her or his or her brokerage firm. Since 1998, the attorneys at ChapmanAlbin have been representing victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free, no obligation consultation.