South Florida Arbitration & Litigation Lawyer Blog
FINRA Securities Fraud, Misrepresentation and Mismanagement Attorney, Russell L. Forkey, Esq.
May, 2011
William Thomas Hernandez (CRD #2815703, Registered Representative, Louisville, Kentucky, formerly licensed with PNC Investments) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Hernandez consented to the described sanction and to the entry of findings that he converted a total of $98,559.12 from elderly customers for his own personal use and benefit. The findings stated that Hernandez received checks totaling $14,378.27 from a customer to be deposited into the customer’s brokerage account at his member firm for investment purposes. The findings also stated that Hernandez did not invest those funds; instead, he deposited the checks into his personal checking account. The findings also included that Hernandez, without any authorization, withdrew $60,220.85 from a checking account belonging to a customer of his firm’s bank affiliate and then deposited those funds into his personal investment account, converting the proceeds for his own use and benefit. FINRA found that Hernandez, again without any authorization, withdrew another $24,000 from that same customer’s account and deposited the funds into his personal checking account. FINRA also found that Hernandez failed to respond to FINRA requests for information and documents. (FINRA Case #2010025260501).
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