FINRA Bars Raymond James Stockbroker For Obstruction
Stefan Anton Pastor of Fort Lauderdale Florida a stockbroker formerly registered with Raymond James Financial 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 an investigation into allegations of him: (1) effecting trades in a Raymond James Financial Services customer’s accounts without the customer’s authorization and (2) furnishing falsified account documentation to the customer concerning the customer’s investment transactions. Letter of Acceptance, Waiver and Consent No. 2018058316601 (Sept. 4, 2019).
According to the AWC, FINRA was notified by Raymond James Financial Services through a Form U5 (Uniform Termination Notice for Securities Industry Registration) that Pastor was discharged from the securities broker dealer on April 3, 2018 based upon allegations that a customer whose accounts Pastor serviced or provided advice for had complained about: (1) unauthorized investment transactions being made in the customer’s account; (2) misrepresentations being made by Pastor concerning the investments that the customer held in the account; and (3) unauthentic sales confirmations having been provided to the customer. Raymond James concluded after an internal review that Pastor violated the firm’s policy. FINRA Public Disclosure reveals that Pastor was also discharged from Provenance Wealth Advisors three days later based upon the allegations cited by Raymond James Financial Services.
The AWC indicated that when FINRA received the Form U5 from Raymond James, an investigation into Pastor was immediately opened by FINRA Office of Fraud Detection and Market Intelligence. The AWC stated that Pastor was required under Rule 8210 to provide recorded testimony in reference to the allegations of his unauthorized trading, misrepresentation, and use of false account documentation. When Pastor testified on April 17, 2019, he attempted to persuade FINRA that the trades in question had been authorized by the customer who complained. Pastor also claimed to have never provided any unauthentic trading confirmations.
FINRA determined that Pastor falsely testified regarding his activities. Specifically, the AWC stated that the trades were not authorized by the customer, and that Pastor did indeed provide the customer with false documents so that he could make it seem that an unauthorized trade in the customer’s account had been reversed. FINRA found Pastor’s failure to be forthcoming as violative of FINRA Rules 2010 and 8210.
Prior to the AWC, Pastor was subject of a FINRA investigation in which the regulator determined that disciplinary action should be taken against him for: unauthorized trading, falsifying sales confirmations, and concealing a customer complaint (violations of FINRA Rule 2010); corresponding with a customer through unauthorized communication mediums (violations of FINRA Rules 2020 and 4511); and lying to FINRA (violation of FINRA Rules 2010 and 8210).
FINRA Public Disclosure reveals that Pastor has been identified in two customer initiated investment related disputes pertaining to allegations of his misconduct during the time that he was registered with Raymond James Financial Services. Specifically, on May 3, 2018, a customer initiated investment related complaint was settled for $60,000.00 in damages based upon allegations that structured product trades were effected in the customer’s account without the customer’s permission; and the customer’s signature had been forged on account documentation to effect unauthorized transactions.
Pastor is also the subject of a customer initiated investment related arbitration claim in which the customer sought $46,995.40 in damages founded on accusations of an unauthorized insurance premium payment being made out of the customer’s Raymond James Financial Services account, and false or misleading statements being made concerning mutual funds which had been sold to the customer and which caused the customer to incur unwarranted losses. FINRA Arbitration No. 19-00234 (Jan. 23, 2019).