Frank Bazan, Formerly with BBVA Securities of Houston, Fined and Suspended by FINRA

Soreide Law Group obtained the following information on FINRA’s website from the May 2018 Disciplinary Report. 
Frank Bazan (CRD #5593113, Houston, Texas)
was assessed a deferred fine of $20,000 and suspended from association with any FINRA member in all capacities for seven months for allegedly failing to disclose to his member firm that he was involved in an outside real estate business.
FINRA’s findings stated that the following year, Bazan allegedly submitted a compliance attestation to the firm that inaccurately stated he had not engaged in any outside business activities.
Also, FINRA’s findings alleged that Bazan borrowed $150,000 from a firm client without providing prior notice to or obtaining approval from his firm. The day after Bazan deposited the client’s check into his personal bank account, the bank identified the transaction as suspicious and reversed the deposit. Although Bazan had access to the client’s funds for a short period of time, he did not make any withdrawals before the deposit was reversed. The day after the deposit was reversed, Bazan resigned from his firm. The firm’s written policies and procedures prohibited loans with clients unless the client was an immediate family member or a financial institution in the business of providing credit. The client was neither.
The suspension is in effect from April 2, 2018, through November 1, 2018.
(FINRA Case #2016049542401)
According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, Frank Bazan has 2 Disclosures on his report. One of those Disclosures is an “Employment Separation After Allegations” from his member firm, BBVA Securities Inc. of Houston, TX. According to the report, Bazan voluntarily resigned on 3/18/16 after allegations that, “Representative was under investigation for borrowing from a customer of the firm and the firm's affiliate bank.”
Frank Bazan has been in the securities industry for 7 years and was listed with the following 5 firms:
05/16/2013 - 04/08/2016 BBVA SECURITIES INC - HOUSTON, TX
01/18/2013 - 05/16/2013 BBVA COMPASS INVESTMENT SOLUSTIONS INC - SAN ANTONIO, TX
02/28/2011 - 12/06/2012 SWBC INVESTMENT SERVICES LLC - AUSTIN, TX
01/26/2010 - 03/02/2011 EDWARD JONES - SAN ANTONIO, TX
10/22/2008 - 01/15/2010 WELLS FARGO ADVISORS LLC - SAN ANTONIO, TX
If you’ve experienced losses due to the actions or recommendations of former BBVA Securities of Houston, TX broker, Frank Bazan, contact Soreide Law Group for a no cost consultation with an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group operates on a contingency fee basis and we represent clients nationwide before FINRA.