Securities Lawyers Blog
Diego Fernando Hernandez (Hernandez) was recently barred from the financial industry by the Financial Industry Regulatory Authority (FINRA) concerning allegations that he failed to disclose outside business activities, a practice known in the industry as “selling away” and misused customer funds.
Hernandez entered the securities industry in May 1998. In August 2005, Hernandez became a registered representative of AllState Insurance Company until April 2012. In April 2012, Hernandez became a registered representative of AXA Advisors, LLC (AXA) until February 2013. On Hernandez’s public securities disclosures he is listed as the owner of H.D. Mile High Marketing a marketing, advertising, and banner company located in Lakewood, Colorado. In February 2013, AXA filed a termination notice for Hernandez disclosing that his employment was terminated by the firm for failure to comply with the firm’s policies and FINRA’s rules in connection with undisclosed outside business activity and the commingling and conversion of customer funds.
While Hernandez was associated with AXA, FINRA alleged that he engaged in at least three outside business activities that were not disclosed to or approved by the firm. In March 2012, Hernandez filed articles of organization, forming Wealth Management Partners LLC (Wealth Management Partners) where Hernandez serves as Wealth Management’s president and chief executive officer. In February 2010, Hernandez formed Team Cure Racing as a nonprofit corporation under the laws of Colorado. In November 2009, Hernandez formed DFHR Investments, Inc. (DFHR Investments) under the laws of Colorado. Hernandez is the president of DFHR Investments. Hernandez filed the Wealth Management Partners, Team Cure Racing, and DFHR Investments corporate formation documents before he joined AXA.