Did you lose money investing with Terrance Hood (a/k/a Terrence Hood) (CRD# 4900966)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Terrance Hood (a/k/a Terrence Hood). If you suffered losses investing with Terrance Hood (a/k/a Terrence Hood), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of October 15, 2020, Terrance Hood (a/k/a Terrence Hood)’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
1 Regulatory Event(s)
1 Employment Separation After Allegations
1 Criminal Disclosure(s)
UPDATE 10/14/2020: According to FINRA’s January 2019 Disciplinary Actions: “Terrance S. Hood (CRD #4900966, San Antonio, Texas) November 2, 2018 – An AWC was issued in which Hood was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Hood consented to the sanction and to the entry of findings that he converted $4,910 from his member firm by submitting reimbursement requests that contained falsified signatures and payment invoices from a childcare provider in order to receive reimbursements from the firm. The findings stated that the provider did not care for Hood’s children and, as a result, Hood was not entitled to receive the reimbursements from the firm. (FINRA Case #2017054093801)”
Current and Previous Registrations
10/23/2009 – 04/27/2017 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD#:7691) SAN ANTONIO, TX
10/24/2006 – 10/23/2009 BANC OF AMERICA INVESTMENT SERVICES, INC. (CRD#:16361) SAN ANTONIO, TX
04/08/2005 – 10/23/2006 CITIGROUP GLOBAL MARKETS INC. (CRD#:7059) SAN ANTONIO, TX
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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