UNITED STATES SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Aldo Marchena ("Marchena" or "Respondent"). The Commission finds that from April 2014 through August 2018, Marchena was associated with Achieve Capital, LLC, an investment adviser registered with the Commission. Between April 1999 through April 2014, Marchena was also associated with several dually SEC-registered broker-dealers and investment advisers. On April 30, 2020, Marchena pled guilty to one count of wire fraud in violation of Title 18, United States Code, Section 1343, before the United States District Court for the Southern District of Florida, in United States v. Marchena, Case No. 19-20622-CR-UU. In connection with that plea, Marchena admitted that between October 2016 and January 2017, he stole more than $1 million from a client. To conceal this fraud, Marchena created and provided to his client fake account statements that purported to show the client's investments increasing in value over time. In fact, however, Marchena misappropriated the client's funds for, among other things, his personal use.

Order

Bar (Permanent)

Association with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO

Indefinite

8/27/2020

Florida Office of Financial Regulation

Distributing false or misleading advertisement; failing to enter into written investment contracts; failure to amend inaccurate Form U4; conducting fraudulent transactions by falsification or concealment of facts

Order

Bar (Permanent)

Engaging in, affiliating or seeking future registration as a dealer, investment adviser or associated person

10/30/2018

Cease and Desist

Breach of Fiduciary Responsibility by recommending high risk investments.

$75,000.00

$30,000.00

FINRA

Without admitting or denying the findings, Marchena consented to the sanctions and to the entry of findings that he engaged in an outside business activity without providing prior written notice to and receiving approval from his member firm. The findings stated that Marchena also made inaccurate statements on annual firm questionnaires.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$5,000.00

Suspension

any capacity

five months

4/4/2016

9/3/2016

Unauthorized trading and unsuitable investment

$65,250.00

$45,000.00

FL RESIDENT LIQUIDATED AN ALLSTATE VA FROM A 403B ACCT. PROCEEDS WERE PUT INTO A NON-QUALIFIED ACCOUNT INSTEAD OF AN IRA. CLIENT`S ATTORNEY HAS CLAIMED DAMAGES OF $73,623.50 IN TAXES AND PENALTIES RELATED TO THE INCORRECT HANDLING OF THE DISTRIBUTION BY THE FINANCIAL ADVISOR.

$73,623.50

THE CLIENT SIGN A WITHDRAWAL FORM INSTRUCTING ALLSTATE TO DISTRIBUTE THE PROCEEDS TO HER WACHOVIA CHECKING ACCOUNT AND WITHHOLD TAXES. WACHOVIA HAS DENIED LIABILITY FOR THE TAX CONSEQUENCES OF THE DISTRIBUTION.

CLIENT WRITES THAT THE ALLIANCE BERNSTEIN WEALTH APPRECIATION STRATEGY FUND AND FIDELITY ADVISOR GLOBAL EQUITY FUND ARE NOT SUITABLE FOR HER. INVESTED $12,506 IN EACH FUND ON 1/9/06. CLIENT HAS REALIZED LOSSES OF $10,388.47.

$10,388.47

WACHOVIA DENIED LIABILITY FOR THIS CLAIM