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Without admitting or denying the findings, Avina consented to the sanctions and to the entry of findings that he impersonated member firm customers during telephone calls made to the firm's customer service center for the purposes of liquidating securities, transferring money, obtaining account information, and requesting copies of checks. The findings stated that Avina carried out all of the impersonations in order to facilitate underlying transactions and requests that the customers had authorized and wanted executed and conducted some of these impersonations in order to facilitate the customers' wishes to transfer money out of the firm in order to be managed by Avina's new investment advisory firm. Although Avina made some of the customers aware of his impersonations, other of the customers were not aware of and did not authorize him to impersonate them.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.