Finra Bars Broker Who Wouldn’t Cooperate In Personal Mail Probe
The Financial Industry Regulatory Authority on Monday barred a broker who failed to cooperate in its investigation of his dismissal from a broker-dealer for making personal use of his firm’s corporate FedEx account.
Without admitting or denying the findings, Nelson Freyre-Gallardo consented to the sanction and to findings that he refused to appear for on-the-record testimony in Finra’s investigation into the reasons for his termination by AXA Advisors in June 2017 after almost 12 years with the independent broker-dealer.
On the face of it, the former advisor’s failure to cooperate is perplexing, given his admission in regulatory filings that he had violated AXA Advisors’ policies.
“I unintentionally used the branch FedEx account for personal purposes instead of my own personal FedEx account,” Freyre-Gallardo commented in his response to the initial dismissal that is recorded on his BrokerCheck record.
He “mixed up” the numbers and takes “full responsibility” for the policy violation, he added, also noting that the discharge was not sales- or customer-related.
Freyre-Gallardo joined Massachusetts Mutual Life Insurance in the summer of 2017 as an agent shortly after leaving AXA, and subsequently registered with its broker-dealer, MML Investors Services. He gave up his brokerage license with MML in February of this year, according to his BrokerCheck record.
Neither Freyre-Gallardo nor his San Juan-based lawyer, Sonia Torres, could be reached for comment.