Raphael Huaman, a former broker with Atlanta, Georgia based Suntrust Investment Services, Inc., submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) that he misappropriated a total of $134,047.65 from different bank trust accounts at his member firm's affiliate. The findings stated that Mr. Huaman misappropriated the funds by having a colleague transfer money from the bank trust accounts to a separate affiliate account. Mr. Huaman requested and obtained checks drawn on these accounts made out to third-party payees and deposited the checks into his personal bank account. When the Suntrust Investment Services' affiliate confronted Mr. Huaman regarding the transactions, he admitted his misconduct, and Suntrust Investment Services terminated his employment. FINRA also stated that Mr. Huaman failed to respond to FINRA requests for information. Mr. Huaman, of Miami, Florida, was barred from association with any FINRA member in any capacity.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages can bring forth claims to recover losses due to misappropriation against broker-dealers like Suntrust Investment Services, which should have prevented the above described illegal activity. Have you suffered losses in your Suntrust Investment Services, Inc account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
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