FINRA suspends Frank Bazan (CRD #5593113, Houston, Texas)
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As reported in InvestmentNews, three Raymond James entities have agreed to pay over $15 million to resolve an investigation by the SEC. The settlement and SEC order focused on Raymond James’s actions in improperly charging certain clients advisory fees when the...read more
March 23, 2018 – A Letter of Acceptance, Waiver and Consent (AWC) was issued in which Bazan was assessed a deferred fine of $20,000 and suspended from association with any FINRA member in all capacities for seven months. Without admitting or denying the findings, Bazan consented to the sanctions and to the entry of findings that he failed to disclose to his member firm that he was involved in an outside real estate business. The findings stated that the following year, Bazan submitted a compliance attestation to the firm that inaccurately stated he had not engaged in any outside business activities. The findings also stated that Bazan borrowed $150,000 from a firm customer without providing prior notice to or obtaining approval from his firm. The day after Bazan deposited the customer’s check into his personal bank account, the bank identified the transaction as suspicious and reversed the deposit. Although Bazan had access to the customer’s funds for a short period of time, he did not make any withdrawals before the deposit was reversed. The day after the deposit was reversed, Bazan resigned from his firm. The firm’s written policies and procedures prohibited loans with customers unless the customer was an immediate family member or a financial institution in the business of providing credit. The customer was neither. The suspension is in effect from April 2, 2018, through November 1, 2018. (FINRA Case #2016049542401). If you or someone you know has lost money investing with Frank Bazan, call the experienced attorneys at Epperson & Greenidge at 877-445-9261 for a free consultation. You may be eligible to recoup your losses. Epperson & Greenidge accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-445-9261 now to speak to an attorney for free.