According to FINRA, Carlos Ramirez (CRD #6749599), a registered representative based in Brockport, New York, was suspended from the securities industry effective January 18, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(d). The associated FINRA Case number is 2023078158901, with an associated Expedited Proceeding number FPI240001.
FINRA Rule 9552(d) authorizes FINRA to suspend registered individuals who fail to respond to information requests or who fail to keep their registration information current. This rule is part of FINRA's expedited proceedings framework, which allows the regulator to take swift action when individuals are not meeting their basic compliance obligations.
The presence of an Expedited Proceeding number (FPI240001) in Ramirez's case indicates that this matter was handled through FINRA's expedited proceeding process, which is designed to address straightforward compliance failures quickly and efficiently. This process is distinct from FINRA's formal disciplinary proceedings, which are reserved for more complex cases involving allegations of substantive misconduct.
Carlos Ramirez's suspension means that he was prohibited from conducting securities business until he provided the requested information or otherwise came into compliance with FINRA's requirements. During the suspension, he could not communicate with clients about investments, execute trades, or receive compensation related to securities activities. His firm would have been responsible for ensuring that his clients' accounts were properly serviced by other qualified representatives during this period.
The requirement to provide information to FINRA is a fundamental obligation of every registered representative. This information may include responses to examination inquiries, documentation related to specific transactions or customer accounts, or updates to personal and professional information maintained on the individual's Form U4. Failure to provide this information undermines FINRA's ability to conduct effective oversight and may leave investors exposed to risks that would otherwise be identified and addressed through the regulatory process.
For investors in the Brockport, New York area and elsewhere who may have worked with Carlos Ramirez, this suspension serves as a reminder to stay vigilant about the regulatory status of your financial professionals. FINRA's BrokerCheck tool is a free and accessible resource that provides detailed information about the registration and disciplinary history of brokers. Checking this resource regularly can help you identify potential issues early and take appropriate action to protect your investments.
