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.
Call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.
Soreide Law Group is investigating potential investor claims involving InPoint Commercial Real Estate Income Inc. (“InPoint”), a non-traded REIT that reported declining net asset values, substantial portfolio reductions, suspended share repurchases, and mounting commercial real estate-related issues that may have negatively impacted investors. InPoint primarily invested in floating-rate first mortgage loans secured by commercial properties, […]
Soreide Law Group is investigating potential investor claims involving National Healthcare Properties Inc. (“NHP”), formerly Healthcare Trust Inc., after the healthcare REIT’s April 2026 Nasdaq IPO priced well below expectations and highlighted steep losses for many earlier investors in the non-traded REIT. National Healthcare Properties owns senior housing communities and outpatient medical facilities throughout the […]
Soreide Law Group is investigating potential investor claims involving possible sales practice violations by securities brokers and financial advisors related to recommendations of Spring Hills Holdings investments. Spring Hills Holdings is a senior care and healthcare-related private investment that may have exposed investors to substantial risks, including illiquidity and possible loss of principal. Investors should […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com