- February 22, 2023
- Cambridge Investment Research
Archie Blood (CRD#: 1861277) is a previously registered Broker and an Investment Adviser.
He entered the securities industry in 1988 and previously worked for Cambridge Investment Research, Inc.; CFD Investments, Inc.; Mutual Service Corporation; and Lowry Financial Services Corporation.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February 2023, FINRA sanctioned Archie Blood by issuing a civil and administrative penalty of $5,000 and suspending him from all capacities for four months beginning February 6, 2023 and ending June 5, 2023. The FINRA sanction states, “Without admitting or denying the findings, Blood consented to the sanctions and to the entry of findings that he participated in private securities transactions by facilitating the sale of $400,000 of a security to two married couples who were customers of his member firm without providing prior written notice to the firm. The findings stated that Blood introduced the customers to an individual associated with a potential investment in a company that the firm had not approved for sale. The Unit Purchase Agreements for the offering identified the investment interests as unregistered securities. Blood participated in both customers’ investments. After making the initial introductions, Blood sent one of the customers the Unit Purchase Agreement, told his contact that the customers would invest $200,000 and ensured that the necessary funds were wired to complete the investment. In connection with the other customers, Blood provided their information to his contact and provided to his contact a non-disclosure agreement executed by the other customers, which was necessary to complete the investment. The customers each invested $200,000 in the company. Blood’s participation in these transactions was outside the regular course and scope of his employment with his firm. In addition, Blood falsely attested to his firm that he did not assist, advise, or facilitate any private securities transactions.”
For a copy of the FINRA sanction, click here.
For a copy of Archie Blood’s FINRA BrokerCheck, click here.
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The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
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