Last Updated: September 2023 (Miami, FLA)
Lina Garcia Investigation Summary
Here’s what you need to know about Miami, FLA, stockbroker Lina Garcia
- Name: Ms. Lina Maria Garcia
- Current Employer: Suspended by FINRA
- Previous Firms: Insigneo Securities, Global Investor Services, Colonial Brokerage, Goldman Sachs, UCB Financial Advisers
- Function: Suspended Stock Broker/ Financial Advisor
- Aliases: Lina Garcia
- Primary Location: Miami, FLA
- CRD 4447599
- Can Lina Maria Garcia be sued in FINRA arbitration: Yes
- Sanctioned by Securities Regulators: Yes
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Lina Garcia As Your Stockbroker?
In 10/2022, in a U.S. Securities & Exchange Commission (SEC) regulatory matter, Lina Maria Garcia was suspended for 12 months (ending 10/23/23) from associating with a broker dealer of issuer for the purpose of the trading any penny stock. In addition Garcia was suspended 12 months (ending 10/23/23) from association with a broker, dealer, investment adviser transfer agent of NRSRO. These sanctions were agreed to by Garcia to resolve allegations that participated in a ‘cherry picking scheme’ that lasted more than 4 years and thousands of profitable trades of securities worth over $4 million were allocated to two preferred accounts. In addition, millions of dollars of unprofitable trades were allocated to other investment advisory accounts.
In a civil action, simultaneously pursued by the SEC, Garcia was fined $100,000, ordered to pay restitution of $225,718 to affected clients, interest of $38,282 and permanently enjoined and restrained from violating Section 17(a)(3) of the Securities Act and Section 206(2) of the Advisers Act.
What is Cherry Picking?
Per the SEC in Administrative Proceeding File No. 3-20955: “Cherry-picking is the fraudulent practice of preferentially allocating profitable trades or failing to allocate unprofitable trades to an adviser’s personal accounts at the expense of the adviser’s client accounts.”
Allegations of Broker Misconduct Against Lina M. Garcia
Securities regulators have alleged that Lina Maria Garcia committed the following wrongdoing in connection with the handling of customer accounts:
- Cherry Picking
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Lina Maria Garcia, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
