Finra bars former Cambridge rep over misuse of funds

Finra bars former Cambridge rep over misuse of funds
Anselmo Contreras Jr. said to have borrowed $30,000 from clients.
MAY 01, 2019

The Financial Industry Regulatory Authority Inc. has barred Anselmo Contreras Jr., formerly a broker with Cambridge Investment Research, for conduct that involved using customer funds without their knowledge and borrowing money from a customer. Finra said that in 2016, Mr. Contreras induced a customer to give him a $10,000 check to invest in a real estate venture. In explaining the matter in its letter of acceptance, waiver and consent, Finra said that Mr. Contreras deposited the check into his personal bank account, and then used the money himself without the customer's knowledge or consent. Also in 2016, Mr. Contreras borrowed $30,000 from two of his customers without the knowledge or approval of Cambridge. (More:Finra bars former LPL broker over possible loans from clients) Mr. Contreras' BrokerCheck record indicates that Cambridge permitted him to resign from the firm effective Jan. 16, 2018 following allegations of misconduct. The broker started his career at LPL in 2000, moved to Commonwealth in 2009, and then to Cambridge in 2013. After resigning from that firm, he was with IFS Securities for one year.

Latest News

Fund fees continue long-term slide as investors favor lower-cost options
Fund fees continue long-term slide as investors favor lower-cost options

Industry report details decades-long trends in expense ratios, 2024 fee movements, and how shifts in advisor compensation have played a role.

Senate Majority Leader pushes full repeal of estate tax
Senate Majority Leader pushes full repeal of estate tax

The Republican leader's call to end the death tax, part of a long and growing wish list of cuts and reductions, would offer relief to a small but important sliver of America's wealthiest taxpayers.

Wall Street bonuses surged 32% to $47.5B last year, NY comptroller says
Wall Street bonuses surged 32% to $47.5B last year, NY comptroller says

The 2024 bump in bonuses made for the largest total pool in records going back to 1987, but economic uncertainty and federal changes weigh on this year's outlook.

Advisors seek transparency on DIY investing as Robinhood faces investigation
Advisors seek transparency on DIY investing as Robinhood faces investigation

'I feel like they have created an addictive gaming culture, which is not healthy for investing.'

Dynasty forges RIA custody partnership with Goldman Sachs
Dynasty forges RIA custody partnership with Goldman Sachs

The collaboration gives Dynasty's $105 billion network of over 500 advisors access to new custodial services, asset management, and lending expertise.

SPONSORED Focus on clients, not compliance – why Gary Corderman found his fit with Farther

This wealth management platform finally delivers on the technology promises other firms couldn't - giving advisors a better way to scale and serve

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'