Securities Arbitration Lawyers BlogFINRA Files Complaint Against Advisor Valentino Infante
Broker failed to disclose outside business practices and refused to provide testimony after a FINRA request
In July of 2015, FINRA’s Department of Enforcement filed a complaint against Florida-based financial advisor Valentino Infante and barred him from associating with any FINRA member firm. According to the allegations, they found that the broker refused to cooperate with request for testimony in connection with this investigation, and that he provided misleading and false information to a FINRA member firm such as failing to disclose his outside business practices to his employer, Wells Fargo, as well as engaging in selling away in violation of firm policies. Brokers have a responsibility to disclose certain information about their activities to a licensed firm they work with and to cooperate with any FINRA investigations, if necessary.
According to the complaint, Infante solicited one client to provide funding for a limited liability company known as IMonsters Machinery. The purpose of this company was to buy and resell tractors. Infante was the sole proprietor of this business, but he did not make this clear to the investor and he did not share this with his employing firm, Wells Fargo.