History Of Carlos Sosa
On July 24, 2019, Sosa became associated with Actinver Securities, Inc. (BD No. 41139)
(“Actinver” or the “Firm”) when the Firm filed a Form U4 to begin the process of having
Sosa register with FINRA. On November 13, 2019, Actinver discharged Sosa, “after
allegations of a violation of the testing protocol for the Series 7 examination.” Sosa was
not registered with FINRA at the time of his termination, but remains subject to FINRA’s
jurisdiction pursuant to Article V Section 4 of FINRA’s By-Laws. Respondent does not
have any relevant disciplinary history.
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This matter originated with a referral from a testing center that was filed with FINRA’s
Credentialing, Registration Education, and Disclosure Department.
FINRA Rule 1210.05 states that “[a]ssociated persons taking any representative or
principal examination shall be subject to the Rules of Conduct for representative and
principal examinations.” Violating the Rules of Conduct constitutes a violation of FINRA
Rule 2010, which requires that associated persons “observe high standards of commercial
honor and just and equitable principles of trade.”
On November 13, 2019, Sosa took the Series 7 General Securities Representative exam at
a testing center. Prior to beginning the exam, Sosa agreed to the FINRA Qualification
Examinations Rules of Conduct, which among other things, prohibits the use or
attempted use of personal notes and study materials during the exam. The Rules of
Conduct also require candidates to “store all personal items in the locker provided by the
test vendor prior to entering the test room.” Upon Sosa’s return from an unscheduled
break, he was found in possession of unauthorized study materials. By possessing
unauthorized materials during a qualification exam, Sosa violated FINRA Rules 1210.05
Penalties, Punishments & Sanctions
a suspension from association with any FINRA member firm in all capacities for
18 months; and
a $5,000 fine.
The fine shall be due and payable either immediately upon reassociation with a member
firm or prior to any application or request for relief from any statutory disqualification
resulting from this or any other event or proceeding, whichever is earlier.
Respondent specifically and voluntarily waives any right to claim an inability to pay, now
or at any time after the execution of this AWC, the monetary sanction imposed in this
Respondent understands that if he is barred or suspended from associating with any
FINRA member, he becomes subject to a statutory disqualification as that term is defined
in Article III, Section 4 of FINRA’s By-Laws, incorporating Section 3(a)(39) of the
Securities Exchange Act of 1934. Accordingly, he may not be associated with any
FINRA member in any capacity, including clerical or ministerial functions, during the
period of the bar or suspension. See FINRA Rules 8310 and 8311.
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On November 13, 2019, while taking the Series 7 General Securities Representative
examination, Sosa possessed unauthorized study materials in violation of FINRA Rules
1210.05 and 2010.
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Help For Victims Of Carlos Sosa
If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from Carlos Sosa. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.
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Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.