FINRA Bars Former Commonwealth Broker for Refusing to Provide Documents to Regulators
The Financial Industry Regulatory Authority has barred Benjamin Frank Bourgeois, a former Commonwealth Financial broker, for refusing to produce documents and information requested by the regulators.
The Financial Industry Regulatory Authority has barred Benjamin Frank Bourgeois, a former Commonwealth Financial broker, for refusing to produce documents and information requested by the regulators in connection with an investigation into allegations that he borrowed money from a customer, converted customer funds, and committed fraud while affiliated with the broker-dealer.
According to a letter of acceptance, waiver and consent issued by FINRA, on May 15,2019, FINRA staff spoke to Bourgeois’ counsel by phone, who acknowledged that he had received the requests for documents and information but would not comply with FINRA requests.
Bourgeois first became registered with FINRA as a general securities representative in May 1991 and has been associated with a number of FINRA member firms until April 2019.
He joined Commonwealth in May 2015 but was discharged last month for borrowing money from a customer. The firm later disclosed a civil litigation in which the customer alleged that “Bourgeois defrauded her and converted customer funds.”
According to his Brokercheck profile, the customer is seeking $519,500 in damages for “conversion of customer funds made by personal check purportedly for investment purposes; employing devices, schemes or artifices to defraud; making untrue statements of material facts; and fraud.” The activities are alleged to have started in 2016.
Prior to Commonwealth, he was affiliated with LPL Financial for one year and Sterne, Agee & Leach for four years.
Bourgeois does not have any formal disciplinary history with the Securities and Exchange Commission, any self-regulatory organization, or any state securities regulator.
