TD Broker Barred In FINRA Theft Investigation
Leonardo S. Araujo of Coral Gables Florida a stockbroker formerly employed by TD Ameritrade Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that he failed to cooperate with FINRA’s request for his information. Case No. 2016049044601 (Aug. 28, 2017).
According to FINRA Public Disclosure, after Araujo initially failed to cooperate with FINRA, he was issued a Notice of Suspension on May 23, 2017, and then issued a Suspension from Association letter from FINRA on May 23, 2017. Apparently, Araujo was provided notice from FINRA that his failure to cooperate going forward would potentially be the basis of FINRA barring him in all capacities. Araujo reportedly failed to request that his suspension be terminated by the August 27, 2017 deadline. Consequently, FINRA barred Araujo on August 28, 2017.
Araujo was terminated by TD Ameritrade Inc. on February 12, 2016 founded on allegations that Araujo effected unauthorized trades in a customer’s account; and transferred funds from the customer’s account to an account controlled solely by Araujo. It is possible that FINRA’s inquiry was focused on the allegations of Araujo’s misconduct referenced by TD Ameritrade Inc.