The following information was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2013,” by Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552.
Carlos Francisco Otalvaro aka Francisco Hormillosa Otalvaro (CRD #2294420, Registered Principal, Coral Gables, Florida)
was barred from association with any FINRA member in any capacity and ordered to pay $5,302, plus interest, in restitution to a customer. The sanctions were based on findings that Otalvaro misused customer funds when a customer sent a check to his member firm to be credited to her rollover IRA account, but the firm deposited the check into its own checking account and used the proceeds to pay its operating expenses. Approximately six months later, the customer contacted Otalvaro about the check that had not been deposited; and despite the customer’s repeated and continuing entreaties, he failed to see that her account was credited or she was reimbursed. Otalvaro engaged in stalling tactics even as of the time he testified more than 18 months later in connection with FINRA’s investigation, he was promising to work out a payment plan. Otalvaro never rectified his firm’s misappropriation; Securities Investor Protection Corporation (SIPC) ultimately honored the claim for return of funds. The findings stated that after a customer delivered $5,302 to Otalvaro’s firm for deposit into its account and declined the cash because his firm did not accept cash, he delayed returning the cash. Even after repeated demands for its return, Otalvaro did not return it and claimed to have placed it in storage. The findings also included that Otalvaro provided incomplete responses to FINRA’s requests for documents and information. (FINRA Case #2010024837301)
Otalvaro, according to FINRA's BrokerCheck, was previously registered with FINRA at the following brokerage firms:
WALLSTREET*E FINANCIAL SERVICES, INC.
CRD# 43896
CORAL GABLES, FL
01/1998 - 12/2010
WINSTON RODGERS & OTALVARO, INC.
CRD# 30970
NEW YORK, NY
08/1994 - 02/1998
This ends the information obtained on FINRA’s website.
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