Securities Arbitration Lawyers BlogCalifornia Broker Rick Esparza Borrowed Money From Client, Permanently Barred by FINRA
Failure to respond to FINRA’s request regarding customer loan ends securities career.
In August 2015, Princor Financial Services Corp. broker Rick Esparza consented to findings he borrowed money from his client. The California broker allegedly made numerous withdrawals from his client’s variable annuity totaling a personal loan of $67,500. When Esparza failed to make timely payments, the client complained.
As a result, the client was granted $75,000 in settlement damages and, less than a week later, Princor Financial Services Corp. discharged Esparza from its employ.