Corporate & Securities Law

FINRA Cites Broker Francisco P. Esparza

By Steven Caruso

Francisco P. Esparza, a broker whose employment history include stints with J.P. Turner & Company, LPL Financial, UBS, Citicorp Investment Services and Morgan Stanley, has been fined $10,000 and suspended from association with any member of the Financial Industry Regulatory Authority (FINRA) for 15 business days.

FINRA?s actions were related to findings that allege Esparza made unsuitable recommendations to customers to buy closed-end funds without fully understanding the pricing of the products or the risks associated with the investments.

FINRA noted its actions against Esparza in its March 2010 Disciplinary Report.

Esparza, who didn?t deny or admit to the findings, nonetheless consented to the regulator?s sanctions. According to FINRA, Esparza?s recommendations accounted for customer losses totaling approximately $73,290.

Full post as published by Representing Investors on April 22, 2010 (boomark / email).