Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that advisor Alberto Sanchez (Sanchez) engaged in undisclosed outside business activities (OBAs) that were not approved by his brokerage firm. Sanchez, formerly registered with SagePoint Financial, Inc. (SagePoint Financial) and MML Investors Services, LLC (MML Investors) out of Fort Lauderdale, Florida was barred from the financial industry according to records kept by The Financial Industry Regulatory Authority (FINRA). In addition, Sanchez disclosed at least two customer complaints.
In June 2019 FINRA found that Sanchez consented to the sanctions and findings that he did not provide documents as requested by FINRA in connection with an investigation concerning his involvement in a potential undisclosed outside business activity. Accordingly, Sanchez was automatically barred from the securities industry.
At this time it is unclear what OBA Sanchez engaged in that FINRA was investigating and whether or not that activity also involved private securities transactions. Sanchez’s public disclosures state that he was involved in a number of OBAs including rental property business, an insurance business, Creative Financial Network, and Health Insurance. It is unclear if these OBAs were the subject of FINRA’s investigation.