Velasco is suspended from the financial industry for a period of two years.
Raymond Velasco (CRD#:4867519) was registered as a broker with LPL Financial from 2016 until 2019. Previously, Velasco was registered as a broker with MetLife Securities from 2005 until 2016.
Velasco has three disclosures on his BrokerCheck report.
March 2021 Regulatory Judgment
- Status: Final
- Initiated By: FINRA
- Allegations: Sapareto was named a respondent in a FINRA complaint alleging that he engaged in an OBA without providing prior written notice to his member firm. The complaint alleges that Sapareto created a corporate entity for the purpose of producing and marketing a film. Sapareto paid over $8,000 for camera equipment, fees for actors, and to rent a cabin in which to film the movie. The firm learned about the OBA when Sapareto was sued in connection with his activities with the entity, and it promptly terminated Sapareto. The complaint also alleges that FINRA then commenced an investigation. Throughout that investigation, Sapareto repeatedly provided false or misleading information to FINRA to conceal his involvement in his OBA. Sapareto provided false or misleading information in response to a written request for information and false or misleading sworn testimony to FINRA during an on-the-record interview. Among other things, Sapareto falsely told FINRA that the entity was formed without his knowledge or consent, that he was not involved in producing a movie, that he had not exchanged emails with a third party about producing the movie, and that he had not spent money in furtherance of entity’s activities.
- Resolution: Acceptance, Waiver & Consent (AWC)
- Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
- Amount: $10,000.00
- Sanctions: Suspension
- Registration Capacities Affected: All Capacities
- Duration: Two years
- Start Date: 4/19/2021
- End Date: 4/18/2023
- January 2020 Customer Dispute
- Status: Pending
- Allegations: The complainant alleges that beginning in or around 2014, the rep replaced his existing life policy with a new variable universal life policy without his knowledge, stating that the rep had him sign forms that he didn’t understand, thereby deceiving him.
June 2019 Employment Separation After Allegations
- Firm Name: LPL Financial
- Termination Type: Discharged
- Allegations: Submission of inaccurate retirement plan documents to annuity company resulting in client avoiding surrender fee.
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The Sonn Law Group is currently investigating allegations surrounding Raymond Velasco. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.