Ft. Myers, FL, Broker Fined and Suspended by FINRA

Robert Nunes Da Frota (CRD #2137208, Registered Representative, Fort Myers, Florida)

submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000, suspended from association with any FINRA member in any capacity for six months and ordered to make full repayment of the outstanding balance on a customer’s loan. Without admitting or denying the findings, Da Frota consented to the described sanctions and to the entry of findings that
he borrowed $10,000 from a customer and executed a promissory note. Da Frota repaid $4,550 to the customer and his member firm paid the balance. Da Frota represented on a firm compliance questionnaire that he understood that loans with customers were prohibited.

These findings also stated that while previously employed with another member
firm, Da Frota borrowed $10,000 from a customer, executed a promissory note and has repaid only $5,236.05 to the customer. Da Frota never disclosed this loan to his previous member firm.
The suspension is in effect from August 6, 2012, through February 5, 2013. (FINRA Case #2011029306401)

This information was listed on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2012.”

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