Former Chelsea Financial financial advisor, Charles Lewis Bloom (Bloom), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. FINRA investigated Bloom’s alleged unsuitable investment recommendations to his Chelsea Financial clients. As a consequence of Bloom’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Bloom (FINRA CRD No. 4144108) entered the financial industry in 2000 as a general securities representative. Bloom worked for various firms during his career, including International Assets Advisory, LLC and U.S. Brokerage Inc. During the relevant time period, Bloom worked for Chelsea Financial Services (“Chelsea Financial”). Bloom’s FINRA BrokerCheck Report reveals one pending customer complaint as of today. Bloom is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction.
FINRA’s Department of Enforcement initiated an investigation into Bloom’s alleged misconduct. FINRA specifically investigated whether Bloom recommended and sold unsuitable investment products to his clients in violation of FINRA rules. FINRA sent Bloom a request to provide on the record testimony pursuant to FINRA Rule 8210. According to FINRA, Bloom failed to cooperate with the investigation in any discernable manner.
Based upon the foregoing alleged misconduct, FINRA asserted Bloom violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Bloom failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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