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Private Placements: A Worst Case Scenario
Daniel Contreras, a Registered Principal, while working for Multi-FInancial Securities, never saw a need to report his outside business. And he allegedly engaged in private securities transactions without notifying his firm. Everything worked out well until he recommended promissory notes to customers - which weren't approved investments of his member firm.
It turned out the issuer of the promissory notes filed for Chapter 13 Bankruptcy, and all of Contreras’ customers lost their entire investment. Adding insult to injury, Contreras borrowed some $65,000 from customers, and never paid them back. Contreras then failed to respond to FINRA requests for information and testimony.
For his efforts, Contreras was barred from the industry. This is FINRA Case #2009018398701. [April 2011 Disc. Actions]
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