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Our law firm is investigating Chase relating to the conduct of Florlena Cortez a/k/a Florlena Cortez Alva a/k/a Florlena Cortez Guerrero, CRD No. 4339441, and the supervision of her activities. Earlier this year, Cortez entered into a Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA concerning her participation in private securities transactions. According to the AWC, FINRA alleged that “between 2009 and 2010, Cortez participated in private securities transactions by soliciting four customers to invest in securities that were outside the regular course and scope of her association with Chase Investment Services. Cortez did not provide prior written notice to Chase Investment Services describing in detail the proposed transactions and her proposed role in them, including whether she had received or would receive selling compensation in connection with the transactions. As a result of the foregoing, Cortez violated NASD Rule 3040 and FINRA Rule 2010. In the course of FINRA’s investigation into whether Cortez engaged in undisclosed private securities transactions and outside business activities while registered with Chase Investment Services, FINRA sought on-the-record testimony from Respondent. Respondent informed FINRA that she will not appear to testify at an on-the-record interview. As a result of the foregoing, Cortez violated FINRA Rules 8210 and 2010.” Cortez was subsequently barred from associating with any FINRA member.
According to FINRA’s BrokerCheck, from May 2002 to February 2012, Cortez was registered with Chase. Under FINRA Rules, Chase was obligated to properly supervise the activities of Cortez during the time she was registered with the brokerage firm. Accordingly, Chase may be liable for failing to supervise Cortez’s activities during the time she was registered with the firm.
Customers of Cortez who purchased securities from her are encouraged to contact KlaymanToskes to explore their legal rights and options. KlaymanToskes can be reached, toll free, at 888-997-9956.