Hector Hernandez: FINRA Bars Ex-Money Concepts Advisor

Former San Antonio, Texas financial advisor Hector Hernandez (CRD# 4654126) was recently sanctioned and barred from acting as a broker. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Peak Brokerage Services, having previously been registered with Money Concepts Capital Corporation.

Mr. Hernandez’s BrokerCheck report discloses the FINRA sanction against him. Filed in November 2023, it states that he refused to provide on-the-record testimony in connection with a FINRA investigation into his conduct. According to a Letter of Acceptance, Waiver, and Consent (No. 2021073535701), the investigation specifically concerned his “potential failure to disclose an [outside business activity] while he was associated with his member firm.” FINRA found that his refusal violated FINRA Rule 8210, which requires registered persons to comply with such requests, and FINRA Rule 2010, which requires registered persons to observe high standards of commercial honor. In connection with these findings, he was permanently barred from associating with any FINRA member firm.

A second disclosure on his BrokerCheck report concerns an investor complaint against him. Filed in 2022, it alleges that as a representative of Money Concepts Capital Corporation, he recommended unsuitable transactions, breached contract, violated FINRA rules, and failed to disclose a “commission sharing arrangement with [an] accountant in connection with products sold away from the firm.” The pending complaint alleges unspecified damages.

A third disclosure concerns his resignation from Money Concept Capital Corporation. Filed in 2021, it states that he voluntarily resigned during an internal investigation “for possible failing to disclosure outside business activity.”

According to the Financial Industry Regulatory Authority, Hector Hernandez holds 18 years of securities industry experience. He was most recently registered as a broker with Peak Brokerage Services in San Antonio, Texas. His past registrations include Money Concepts Capital (Shavano Park, Texas; 2012-2021), NEXT Financial Group (San Antonio, Texas; 2008-2012), and Northwestern Mutual Investment Services (San Antonio, Texas; 2004-2008). HIs credentials include the passage of three securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is currently barred from acting as a broker. (Information current as of January 17, 2024.)

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