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

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management