Disciplinary action pending against Wilton Manors, FL financial advisor
Giovanni Acevedo could be facing disciplinary action from FINRA after a complaint that he allegedly converted more than $160,000 in customer funds. According to the report, he allegedly told a customer he would invest a $68,000 check she wrote to the company according to her instructions. He allegedly told her to leave 21 blank signed checks with him, resulting in a total of $145,848.42 converted to what is purported to be his own personal account or one of which he is a beneficiary, according to FINRA.
The official complaint, which was filed on April 8, asks that upon the conclusion that the allegations are proven as fact Acevedo be subject to sanctions according to FINRA Rule 8310, namely disgorgement, but the FINRA manual also allows for suspension or expulsion of a member’s registration.
The allegations do not stem from just one client, FINRA says. Another client has alleged that Acevedo used five checks totaling $12,000 made payable to him to convert for his own personal use. He has also been involved in two customer disputes, both in 2014, alleging fraud and manipulation. Both were settled, the first for $220,000 of the alleged $300,000 in damages, and the second for $5,000.
Acevedo, who has been in the securities industry for 20 years, has two other disclosures, including a criminal allegation of possession of methamphetamine in 2011.
Acevedo was employed by ING Financial Partners, Inc., from 2006 to 2014, when he was discharged for alleged fund conversion, according to the firm’s statement. Over the course of the FINRA investigation against Acevedo, the firm said it found him in violation of policies including failure to disclose certain pertinent information and therefore terminated him.
In the case that you are an investor who has suffered financial loss at the hands of Giovanni Acevedo or any financial adviser, you may be entitled to legal rights. To learn more about your options, contact Silver Law Group. Our attorneys nationwide are skilled and experienced in the field of securities arbitration and may be able to help you on your way to loss recovery.
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