Finra orders broker to pay First Command $105,000 in damages

Case involves former broker John Velez in Tucson, Ariz.
JUN 05, 2018

A hearing panel of the Financial Industry Regulatory Authority Inc. has ordered Tucson, Ariz.-area broker John Velez to pay First Command Financial Planning $105,000 in damages. The firm alleged that Mr. Velez used its confidential and trade-secret client information to solicit the firm's clients for himself. Finra said that any and all claims for relief not specifically addressed, including First Command's request for attorneys' fees, and Mr. Velez's requests for exemplary damages and attorneys' fees, are denied. Mr. Velez began his securities career in 1977 at First Investors and worked at six firms before joining First Investors in 2009. He is now with Independent Financial Group, which he joined in 2016.

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