Yzaguirre has been a FINRA broker since 1994. From October 2009, through April 2015, Yzaguirre has been associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch) out of their Ontario, California branch. Merrill Lynch accused Yzaguirre of conduct involving potential misappropriation of client funds and misrepresentations of securities at the time of his termination from the firm.
Under the FINRA rules, a brokerage firm owes a duty to properly monitor and supervise its employees in order to detect and prevent brokers from engaging in illegal investments activity. In order to properly supervise their brokers each firm is required to have procedures in order to monitor the activities of each advisor’s activities and interaction with the public. Investment schemes often occur where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct.
Investors who have suffered losses may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors in cases of investment fraud and brokerage firms failure to supervise their representatives. Our consultations are free of charge and the firm is only compensated if you recover.