Anselmo Contreras Jr. (CRD# 4095453) was a previously registered broker and investment advisor.
He was a representative of Cambridge Investment Research, based in Angleton, Texas, until he resigned earlier this year following allegations of misconduct.
This week, FINRA barred him from the securities industry for misusing customers’ money.
According to the FINRA Letter of Acceptance, Waiver and Consent, Mr. Contreras’ first infraction occurred in March of 2016. While a representative of Cambridge, Mr. Contreras induced a customer to write him a $10,000 check for investment in a real estate venture.
Instead of investing the money, however, Mr. Contreras deposited the money in his own bank account for personal use. Mr. Contreras repaid those funds after the customer filed a complaint with the firm.
Mr. Contreras also borrowed money from two other clients, violating firm policy. According to FINRA, Mr. Contreras received a total of $30,000 from two other customers, which he again deposited for his own personal use. Mr. Contreras fully repaid these loans by August 2018.
Mr. Contreras’ actions violated both Cambridge’s policy prohibiting borrowing money from customers without pre-approval, as well as FINRA Rules 2150 and 3240. As a result, FINRA barred Mr. Contreras from acting with any FINRA member in any capacity.
Mr. Contreras started his career at LPL Financial, which has had several of its brokers sanctioned by FINRA for borrowing money from clients.
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