Richard Davalos Barred by FINRA
Richard Davalos (CRD #: 7194114) has been barred by FINRA. He was previously registered with Merrill Lynch, Pierce, Fenner & Smith. This regulatory disclosure appears on his BrokerCheck record, accessed on October 11, 2024. Keep reading if you have questions.
Regulatory Action
On August 28, 2024, Richard Davalos consented to the entry of findings that he refused to appear for on-the-record testimony following FINRA’s review of a Form U5 filed by a previous firm. The firm alleged that it had initiated an internal investigation related to the broker’s outside business activity.
You can read a copy of the bar here.
Outside Business
FINRA Rule 3270 requires brokers to inform their firm of any outside business activities or any investments sold away from the firm. The brokerage firm may prohibit the activity if the firm believes the proposed activity may compromise the broker’s duties. Firms may also require brokers to seek approval of any outside business.
Background Information
Richard Davalos has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- Series 7TO General Securities Representative Examination
- SIE – Securities Industry Essentials Examination
Kurta Law Can Help
If you worked with Richard Davalos and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.
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