Unauthorized and/or Prohibited Loan Activity Between Client and Brokerage Firm Account Executive – Boca Raton, Florida FINRA Arbitration Attorney

Russell L. Forkey

The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute an enforcement action, firms and licensed individuals have the responsibility to reflect such action on their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.

The monthly disciplinary information is referenced on the FINRA site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:

February 2015 Disciplinary and Other FINRA Actions

Broker Check: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

Gloria Gonzalez Andrus (CRD #1178786, Austin, Texas) submitted an AWC in which she was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for two months. Without admitting or denying the findings, Andrus consented to the sanctions and to the entry of findings that without prior notice to or approval from her member firm, she borrowed $390,000 from a brokerage customer to purchase a condominium. The findings stated that Andrus issued a promissory note to the customer promising to repay the loan within a specific period of time. Andrus has repaid $300,000 to the customer. The findings also stated that Andrus falsely certified on an annual compliance questionnaire that she had not received any loans from her brokerage customers.

The suspension was in effect from January 5, 2015, through March 4, 2015. (FINRA Case #2013037263701).

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