Securities Arbitration Lawyer Blog
**Update: July 26, 2021** FINRA has barred Hugues Guirand from the securities industry after Mr. Guirand failed to respond to FINRA’s Department of Enforcement’s complaint.
Original Post:
FINRA Files Enforcement Action Against Hugues Guirand, Formerly of Woodstock Financial Group, Inc. – Virginia Beach, VA
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against former broker Hugues Guirand. The complaint alleges that Mr. Guirand failed to cooperate with a FINRA investigation after a former customer filed a securities arbitration claim alleging that Mr. Guirand solicited the customer’s investment in real estate transactions without the firm’s approval. At the time of the alleged conduct, Mr. Guirand was associated with Woodstock Financial Group, Inc.
If you or a loved one were a customer of broker Hugues Guirand, or Woodstock Financial Group, Inc., contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.
FINRA Disciplinary Proceeding No. 2020068395801
On April 12, 2021, the FINRA Department of Enforcement filed a complaint against broker Hugues Guirand. The complaint includes the following allegations:
- On October 19, 2020, one of Mr. Guirand’s former customers filed a statement of claim with FINRA Dispute Resolution Services alleging that Guirand solicited the customer’s investment in real estate transactions without the firm’s approval.
- FINRA commenced an investigation into Mr. Guirand’s conduct in connection with the real estate transactions.
- Between November 13, 2020, and February 26, 2021, pursuant to FINRA Rule 8210, FINRA staff sent Mr. Guirand and his counsel numerous requests for documents, information, and to appear for on-the-record testimony.
- Guirand failed to provide documents and information in response to the two requests and appear and provide testimony on two occasions. Mr. Guirand’s failure to cooperate impeded FINRA’s investigation and deprived it of material information in Mr. Guirand’s possession.
- By failing to provide information and documents in response to the two requests and by failing to appear and provide testimony requested pursuant to Rule 8210 on two occasions, Mr. Guirand violated FINRA Rules 8210 and 2010.
Financial Advisor Hugues Guirand (CRD No. 3045595)
Mr. Guirand had 20 years of experience in the securities industry and has been associated with five different brokerage firms, including two of which have been expelled from the securities industry by FINRA:
- Woodstock Financial Group, Inc, in Virginia Beach, VA, from July 2007 to April 2019.
- Quest Capital Strategies, Inc., in Laguna Hills, CA, from June 2005 to July 2007.
- Archer Alexander Securities Corporation (Expelled by FINRA), in Kansas City, MO, from April 2005 to June 2005.
- Financial World Corporation, in Overland Park, KS, from July 2002 to April 2005.
- Raike Financial Group Inc, in Woodstock, GA, from August 2000 to July 2002.
- The Minneapolis Company, Inc. (Expelled by FINRA), in Melville, NY, from July 1998 to August 2000.
According to his public disclosure report with FINRA, Mr. Guirand has been the subject of numerous tax liens:
- $21,628.12 tax lien (2015).
- $2,399.13 tax lien (2015).
- $53,524.36 tax lien (2015).
- $38,346.68 tax lien (2010).
Woodstock Financial Group, Inc – Supervisory Duties
Brokerage firms like Woodstock Financial Group, Inc must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise their financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you or a loved one were a customer of Hugues Guirand, or Woodstock Financial Group, Inc and either sustained financial losses or suspect that Mr. Guirand did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.