National investment fraud lawyers KlaymanToskes is investigating Archie Abel Blood Jr. (CRD# 1861277) of Fiduciary Financial Advisors, after the Grand Rapids, Michigan-based financial advisor was sanctioned and suspended from acting as a stockbroker in all capacities by FINRA, due to allegations that he facilitated the sale of $400,000 in private securities transactions without his firm’s approval.
Investors that suffered losses with Archie Blood Jr. or any other advisor at Fiduciary Financial in Grand Rapids, MI and/or at Cambridge Investment Research in Holland, MI are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Archie Abel Blood Jr. entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with FINRA’s Department of Enforcement on February 1st, 2023. The AWC states that Blood is required to pay a fine of $5,000 and will remain suspended for four months, from February 6th, 2023 to June 5th, 2023.
The decision came after the Department’s investigation found that Cambridge Investment Research filed a Uniform Termination Notice for Securities Industry Registration (Form U5), terminating Blood’s registration by disclosing that he voluntarily resigned from the firm on November 4, 2021. In July 2021, Cambridge Investment Research allegedly filed a 4530 Report with FINRA stating that the firm fined Blood $25,000 for selling securities away from the firm without approval.
The AWC alleges that from June 2020 to January 2021, Blood participated in private securities transactions by facilitating the sale of $400,000 of a security to two married couples who were advisory clients of Cambridge Investment Research, without providing written notice or receiving approval from his firm. The Department’s findings also stated “Blood falsely attested to his firm that he did not assist, advise, or facilitate any private securities transactions.”
Archie Abel Blood Jr. was found in violation of FINRA Rules 3280 and 2010 for engaging in private securities transactions, “selling away” from his firm, and providing unsuitable investment recommendations to his customers.
FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member.”
FINRA Rule 2010, which requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.”
“Selling away” in private securities transactions occurs when a broker or investment advisor engages in selling an investment to a firm customer that is not offered by the executing brokerage firm, and without the approval of the brokerage firm. When brokers and financial advisors choose to offer their customers securities that are unapproved by their firm, they may be subject to FINRA sanctions.
If you suffered investment losses with Archie Blood Jr. at Fiduciary Financial in Grand Rapids, MI and/or at Cambridge Investment Research in Holland, MI, you are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss legal options. Our firm offers legal services on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com