FINRA suspended former Montecito Advisors, Inc. Chief Financial Officer Nancy Bolt Hill of Summerland, California and fined her $10,000 for allegedly failing to disclose securities accounts in which she held a beneficial interest or trading authority when Hill sought employment with both Montecito and later with another FINRA-member firm, Advanz Securities, Inc.
According to the findings, Hill also failed to disclose her dual employment situation to the broker-dealers of those securities accounts and made misstatements on annual compliance forms in which she failed to disclose her multiple associations.
Specifically, Hill allegedly answered "NO" on 11 annual Annual Certification forms to the pointed question, "Do you or your spouse have any personal securities accounts at any other brokerage firm or other financial institution…where you have a personal beneficial interest or any account where you have control over the investments."
Had Hill properly responded, FINRA charged, the answer would have been "YES."
The investigation states that prior to her employment with either firm, Hill held interests or decision-making power over at least seven brokerage accounts maintained at a third, unrelated, FINRA member firm.
In addition to Hill's various failures to disclose information and interests, Hill allegedly opened and executed multiple securities transactions in these accounts after becoming associated with both Montecito and Advanz, all without communicating to any of the three parties her involvement with each.
FINRA/NASD rules require its associates and members to make accurate statements on various forms and documents, including firm annual compliance and personal account disclosure forms.
If you have invested with Nancy Bolt Hill, Montecito Advisors, Advanz Securities or with any other broker or firm you believe has engaged in misrepresentation or possessed a conflict of interest that has 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.