Securities Arbitration Lawyer Blog
FINRA has barred former Transamerica Financial Advisors broker Deborah Herrmann from the securities industry. Herrmann consented to the sanction and to the entry of findings that she failed to provide documents requested by FINRA during an investigation initiated after receiving a tip. The FINRA findings stated that Herrmann made a partial production but did not provide a complete response to FINRA’s requests.
If you have suffered investment losses with Deborah Herrmann, or Transamerica Financial Advisors, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.
FINRA Letter of Acceptance, Waiver, and Consent No. 2021070377701
Deborah Herrmann and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on September 30, 2021, after FINRA alleged that Herrmann failed to provide documents requested pursuant to FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010.
FINRA indicated that it had initiated an investigation into Herrmann after receiving a tip.
FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require a person subject to its jurisdiction “to provide information orally, in writing, or electronically . . . with respect to any matter involved in [an] investigation.” FINRA Rule 8210(c) further states no person “shall fail to provide information or testimony . . . pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires associated persons to, in the conduct of their business, “observe high standards of commercial honor and just and equitable principles of trade.”
In connection with its investigation, on March 9, 2021, FINRA sent a request letter to Herrmann seeking documents and information. Herrmann made a partial production responsive to the request. Subsequently, on June 30, 2021, FINRA sent a request letter seeking the outstanding documents. Herrmann made a partial production.
FINRA indicated that, as of the date of the AWC, Herrmann had not provided a complete response to the March 9, 2021, and June 30, 2021 request letters. In doing so, she violated FINRA Rules 8210 and 2010 and was barred from associating with any FINRA member.
Deborah Herrmann (CRD#: 5204514)
Herrmann first became registered with FINRA in October 2006 through an association with Farmers Financial Solutions, LLC.
In February 2018, Herrmann became registered with FINRA as an Investment Company and Variable Contracts Products Representative through an association with Transamerica Financial Advisors, Inc.
On April 15, 2021, Transamerica filed a Form U5 terminating Herrmann’s registration because she failed to report and amend a civil litigation matter on the Form U4 in a timely fashion. Additionally, the firm identified that Herrmann participated in the solicitation of an investment opportunity away from the firm and had failed to disclose a personal investment to the firm with this outside entity. Herrmann did not seek or receive firm approval to engage in any of these activities.
Herrmann’s public FINRA CRD shows one pending customer complaint filed in May 2019, alleging that the “Registered Representative was allegedly involved in the selling of notes as investment opportunities to the claimants. The claimants further alleged that the Representative misrepresented the intent of their investment funds.” The claim seeks $130,000 in damages.
How to Recover Losses or Obtain a Free Consultation
If you have suffered investment losses with Deborah Herrmann, or Transamerica Financial Advisors, contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@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. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.