FINRA Hands Down Fines and a Suspension to Broker Ciro Cavazos
It’s reported that the California broker didn’t disclose that he borrowed money from a client, among previous accusations of elder financial exploitation
Ciro Cavazos learned in August of 2016 that he was being fined and suspended by the Financial Industry Regulatory Authority (FINRA). The agency discovered that Cavazos borrowed money from a client and that the action was undocumented. In addition, he only agreed to pay back the loan verbally when he could, and that there were no repayment terms or a fixed maturity date. When Cavazos’ registration was transferred to another firm – along with the client’s account – he had only partially paid back the client.
Although he wouldn’t admit or deny the findings, Cavazos agreed to the suspension and the fines.
Cavazos started as a broker with A.G. Edwards & Sons, Inc. out of Paradise, CA, in 2001. He then worked for Wachovia Securities, LLC in Chico, CA, in 2008 and Edward Jones in Paradise until 2011. The last firm Cavazos was registered with was Raymond James Financial Services, Inc. back in Chico. In March of 2016, Cavazos was fired from Raymond James because of the money he borrowed and the fact that he didn’t disclose the loan to the firm.
He also conducted business at TCB Investment Service in Chico starting in 2011, and Tri Counties Bank Investment Services in Chico, since 2012.
The loan wasn’t the first time that Cavazos found himself in trouble. In 2012, a customer alleged that he withdrew funds from his IRA without permission, which resulted in a tax liability of $35,000. Damages of $12,000 were granted.
In May of 2016, Cavazos was accused of multiple infractions, including breach of contract, fraud, financial elder abuse, and negligent misrepresentation. Negligent misrepresentation means that a broker made a recommendation with incorrect or incomplete information.
Further information about Ciro Cavazos and the customer disputes against him can be found in FINRA’s BrokerCheck report. And if it’s possible that Cavazos lost you money due to improper activity, you may be eligible to recover it.
We specialize in fighting for clients who have lost investments at the hands of brokers and financial advisors who have taken advantage of their positions, as well as those who may be victims of elder financial fraud. Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our expert legal team represents clients in securities law arbitration cases to help them recover funds and get a sense of justice. We operate on a contingency-fee basis, so our team does not profit unless we recover your funds.
To find out is recourse is possible, talk to a securities arbitration attorney at the Silver Law Group. Contact us now for a free consultation.
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