JOSE A NAVARRO (JOSE ANTONIO NAVARRO, TONY NAVARRO), was listed with INDEPENDENT FINANCIAL, LLC, of Los Angeles, California, from 12/07/2017 - 08/15/2023.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JOSE A NAVARRO, has been in the securities industry for 31 years and was listed with 6 firms. Navarro has 2 disclosures on his FINRA CRD report.
On May 25, 2023, an “Investigation” was initiated by FINRA. The following description of the allegations on JOSE A NAVARRO’s CRD report were listed as, “FINRA Examination - FINRA's National Cause Program is conducting an inquiry with respect to a complaint from customer [REDACTED], who alleged that you strongly recommended that she invested in an unsuitable outside investment away from the Firm. The purpose of this examination is to determine whether violations of the federal securities laws or FINRA rules have occurred.”
The other disclosure listed on JOSE A NAVARRO’s CRD report were an, “Employment Separation after Allegations,” dated August 15, 2023, discharging Navarro from INDEPENDENT FINANCIAL GROUP, LLC. The allegations listed on the CRD report are as follows, “Representative violated FINRA Rule 3280 by purchasing a non-approved private promissory note for himself and referring the note to clients without firm approval. Representative only referred clients to Newton and did not purchase them for the clients.”
The definition of selling away is when a broker/financial advisor solicits clients to purchase securities not held or offered by the executing brokerage firm. Brokerage firms have lists of approved products that can be offered to clients by their brokers/financial advisors. These approved products usually undergo due diligence screenings. When a broker/financial advisor sells away from the firm's list of approved products, they may run the risk of selling something for which due diligence has not been completed, which may be a violation of securities regulations.
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