Securities Arbitration Lawyers BlogPedro Molina’s Securities Industry Career Ends With FINRA Permanent Suspension
Amid claims of unsuitable investment advice, Molina does not respond to requests for information
After not responding to a FINRA request for information, broker Pedro Molina is permanently suspended from the securities industry. According to the FINRA BrokerCheck website, Molina failed to request termination of his suspension from FINRA within three months of the date of his notice of suspension. Therefore, he is permanently barred from association with any FINRA member in any capacity.
While it might seem unusual for a broker not to respond to a FINRA request and allow a permanent suspension to occur, surprisingly, it is not uncommon. In the case of Pedro Molina, it follows a career during which customers’ alleged mismanagement of their investment funds and lack of production of documentation. In fact, in three of the customer complaints against him, customers alleged he gave misleading investment advice and made unsuitable investments in risky Puerto Rican funds. The combined alleged damages equal over $1.2 million dollars. In addition, Molina was “permitted to resign” from Kovack Securities, Inc. in February 2014 after admitting to having borrowed money from clients while with a previous employer.