- February 6, 2020
- Valic Financial Advisors
Antonio Gutierriez Puente (CRD # 2695224) was a Financial Advisor at Valic Financial Advisors, Inc. in Miami, FL. Antonio Gutierriez Puente has been in the securities industry since since 1996 and previously worked at The Variable Annuity Marketing Company.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January 2020, FINRA barred Antonio Gutierriez Puente from acting as a broker or otherwise associating with a broker-dealer firm for failing to cooperate in FINRA investigation into whether he “potentially violated FINRA rules by engaging in undisclosed outside business activities and/or private securities transactions while associated with Valic.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018059909701%20Antonio%20Gutierrez%20Puente%20CRD%202695224%20AWC%20sl.pdf
Valic “discharged” Antonio Gutierriez Puente in August 2018 relating to this matter.
For a copy of Antonio Gutierriez Puente’s CRD, click https://brokercheck.finra.org/individual/summary/2695224#disclosuresSection
Unapproved private securities transactions are referred to in the industry as “selling away.” 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.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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