Finra bars former Cambridge rep over misuse of funds

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.