ALBERTO NEIRA (CRD #2658649, REGISTERED PRINCIPAL, IRVINE, CALIFORNIA)

Alberto Neira (CRD #2658649, Registered Principal, Irvine, California) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Neira consented to the described sanction and to the entry of findings that he failed to fully disclose outside business activities to his member firm. The findings stated that Neira disclosed to the firm that he was a passive investor in an entity but failed to disclose that he was also a director of the entity, holding positions over time or that he received compensation from the entity. Neira owned 55 percent of the entity’s common stock, and for his services he received a salary (of approximately $5,000 beginning in one year) and other compensation. The entity paid Neira $180,000 in compensation one year and more than $250,000 the following year. The findings also stated that Neira sold securities away from his firm when he made recommendations that resulted in more than $2 million in investments in the outside entity to some firm customers. These investments included stock and promissory notes. The sales were conducted privately and not through Neira’s firm. Neira failed to disclose these securities transactions to his firm. Neira also recommended preferred stock in the entity, which two customers purchased. The findings also included that Neira failed to respond fully and in a timely manner to FINRA requests for information. (FINRA Case #2011026089402)

http://www.finra.org/sites/default/files/fda_documents/2011026089402_FDA_TX109748.pdf