Mutual Of Omaha Stockbroker Barred In Investigation

Ramon Esparza of Edinburg Texas a stockbroker employed by Mutual of Omaha Investor Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA personnel during the period in which he was investigated for engaging in outside business activities that had not been disclosed to Mutual of Omaha Investor Services. Letter of Acceptance Waiver and Consent No. 2019063532901 (Dec. 20, 2019).

According to the AWC, an investigation was launched by FINRA after Esparza was terminated by Mutual of Omaha Investor Services Inc. The securities broker dealer reported to FINRA that Esparza was terminated on August 2, 2019 based upon allegations that he engaged in outside business activities which pertained to Bitcoin transactions.

The AWC stated that on September 20, 2019, a request had been made by FINRA for Esparza to provide documentation and information to the regulator in regard to his allegedly undisclosed outside Bitcoin transactions. Some of the requested documents and information were furnished by Esparza on November 1, 2019; however, the stockbroker failed to address all of FINRA’s needs. Apparently, a second request for Esparza’s information and documentation had been made by FINRA on November 12, 2019. Esparza neglected to respond to the regulator by the deadline.

The AWC stated that on December 2, 2019, another request had been made by FINRA which referenced Esparza’s failure to comply with its previous requests and warned him of future non-compliance possibly resulting in sanctions. The regulator received a call from Esparza on December 9, 2019 at which point Esparza confirmed that he would not provide additional documentation or information relating to the investigation into the purported outside business activities. Esparza’s conduct was violative of FINRA Rules 2010 and 8210.