Securities Arbitration Lawyer Blog
FINRA has barred stockbroker Javelin Mikol San Nicolas from the securities industry. FINRA expelled Mr. San Nicolas from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to his termination from Edward Jones in August 2020.
Mr. San Nicolas was a financial advisor at Edward Jones in Sparks, Nevada, from December 2016 until his employment was terminated in August 2020. Edward Jones discharged Mr. San Nicolas over concerns that a client issued cashiers’ checks in the amount of $49,000 to Mr. San Nicolas with proceeds that were withdrawn from the client’s account at Edward Jones. Mr. San Nicolas stated that the checks were for the option of purchasing two Personal Seat Licenses for the Las Vegas Raiders football team, to be transferred to the client’s name later in 2020. At the time of the termination, the client had not received the purported Personal Seat Licenses.
The client filed a complaint with Edward Jones in July 2020. No further details are publicly available regarding this pending complaint.
If you have suffered financial losses investing with Javelin Mikol San Nicolas or suspect that Mr. San Nicolas did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Edward Jones.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020067455201
Javelin Mikol San Nicolas and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 19, 2021, after Mr. San Niicolas refused to provide information and documents in connection with FINRA’s investigation into the circumstances given rise to his termination from Edward Jones in August 2020.
On November 3, 2020, December 16, 2020, and December 17, 2020, in connection with FINRA’s investigation, FINRA sent a request to Mr. San Nicolas to produce information and documents pursuant to FINRA Rule 8210. Mr. San Nicolas reportedly stated in an email dated January 6, 2021, that he would not provide the requested information or documents at any time.
By refusing to provide the information or documents, Mr. San Nicolas violated FINRA Rule 8210. Accordingly, FINRA barred him from associating with any broker-dealer in any capacity.
Edward Jones – Supervisory Duties
Brokerage firms like Edward Jones must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise their financial advisors or the investment account activity sufficiently, they may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
Investors should be aware that filing a securities arbitration complaint is not the same as filing a complaint directly with a brokerage firm or even through FINRA’s Investor Complaint Center. If an investor is seeking monetary compensation, the investor must initiate a securities arbitration through FINRA Dispute Resolution Services.
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you or a loved one were a customer of Javelin Mikol San Nicola and either sustained financial losses or suspect inappropriate activity, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.