FINRA suspended former PFS Investments broker Jose Enrique Jimenez and fined him $10,000 for permitting an unregistered person to engage in securities activities restricted registered individuals. Specifically Jimenez allowed his son—who was not registered with FINRA—to participate in Jimenez's mutual funds business, and then provided misleading and false answers on a compliance questionnaire regarding such activity.
Specifically, former PFS Investments principal and Santa Fe Springs, CA branch manager Jimenez allegedly allowed his unregistered son to solicit customers, make over 100 mutual fund presentations, discuss investments with prospective customers, and recommend certain mutual fund purchases that resulted in total sales of over $800,000 across 35 accounts.
Jimenez's son also purportedly assisted customers in completing documents to effect the mutual fund purchases, and entered client/trade information into the firm's customer system under Jimenez's account, all with Jimenez's permission and/or direction.
Furthermore, investigators found that Jimenez falsely stated on three different compliance questionnaires that he had not allowed an unregistered or unlicensed person to participate in any securities sales, presentations, or solicitations.
PFS Investment discharged Jimenez after learning of the misconduct.
If you have invested with Jose Enrique Jimenez, formerly of PFS Investments in Santa Fe Springs, or with any broker, financial adviser or firm who has permitted an unlicensed or unregistered individual to engage in securities sales, presentations, or solicitations, and such recommendations have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.